https://www.taxtmi.com/caselaws?id=765788 ITAT Delhi allowed the assessee's appeal regarding interest expenditure deductibility despite lack of evidence for liability crystallization in the relevant assessment year. The tribunal found no tax impact or revenue loss, as the assessee followed mercantile accounting and any disallowance would merely increase carried forward losses without affecting tax liability. Relying on Dinesh Kumar Goel precedent, the tribunal held that revenue cannot object when there is no actual loss to exchequer. en-us Fri, 07 Feb 2025 00:00:00 +0530 Sat, 08 Feb 2025 12:52:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765788 ITAT Delhi allowed the assessee's appeal regarding interest expenditure deductibility despite lack of evidence for liability crystallization in the relevant assessment year. The tribunal found no tax impact or revenue loss, as the assessee followed mercantile accounting and any disallowance would merely increase carried forward losses without affecting tax liability. Relying on Dinesh Kumar Goel precedent, the tribunal held that revenue cannot object when there is no actual loss to exchequer. Case-Laws Income Tax Fri, 07 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765788