https://www.taxtmi.com/caselaws?id=308096 The court dismissed the appeal by the Revenue and allowed the cross objection by the assessee, affirming the Commissioner of Income Tax (Appeals) decision. The court held that liabilities acknowledged in financial statements and partially settled in subsequent years do not qualify for cessation under Section 41(1) of the Income Tax Act. Additionally, the court ruled that interest disallowance on borrowed funds is not justified if the funds are not used for non-business purposes. en-us Thu, 26 Apr 2018 00:00:00 +0530 Tue, 30 May 2023 21:08:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=308096 The court dismissed the appeal by the Revenue and allowed the cross objection by the assessee, affirming the Commissioner of Income Tax (Appeals) decision. The court held that liabilities acknowledged in financial statements and partially settled in subsequent years do not qualify for cessation under Section 41(1) of the Income Tax Act. Additionally, the court ruled that interest disallowance on borrowed funds is not justified if the funds are not used for non-business purposes. Case-Laws Income Tax Thu, 26 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=308096