https://www.taxtmi.com/caselaws?id=30814 The High Court dismissed both appeals filed by the Revenue under section 260A of the Income-tax Act, 1961. The Court upheld the Tribunal's decision allowing the deduction claimed by the assessee on interest payable to the bank, emphasizing the recognition of liabilities on an accrual basis in the mercantile system of accounting. The Revenue's contention that the assessee was estopped from claiming the allowance due to not making a claim in the return for the relevant assessment years was deemed erroneous. en-us Thu, 02 Nov 2006 00:00:00 +0530 Thu, 25 Sep 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=30814 The High Court dismissed both appeals filed by the Revenue under section 260A of the Income-tax Act, 1961. The Court upheld the Tribunal's decision allowing the deduction claimed by the assessee on interest payable to the bank, emphasizing the recognition of liabilities on an accrual basis in the mercantile system of accounting. The Revenue's contention that the assessee was estopped from claiming the allowance due to not making a claim in the return for the relevant assessment years was deemed erroneous. Case-Laws Income Tax Thu, 02 Nov 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=30814