https://www.taxtmi.com/caselaws?id=766648 Interest expenditure on Government loans was held allowable where the assessee followed the mercantile system and had consistently accrued the liability in its books. The Revenue failed to show that the loan had ceased to bear interest, that the interest was waived, or that the advance had been converted into a grant-in-aid or non-interest-bearing loan. In the absence of material to disturb the settled accounting treatment followed in earlier years, the disallowance was deleted. en-us Thu, 27 Feb 2025 00:00:00 +0530 Sat, 01 Mar 2025 08:25:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766648 Interest expenditure on Government loans was held allowable where the assessee followed the mercantile system and had consistently accrued the liability in its books. The Revenue failed to show that the loan had ceased to bear interest, that the interest was waived, or that the advance had been converted into a grant-in-aid or non-interest-bearing loan. In the absence of material to disturb the settled accounting treatment followed in earlier years, the disallowance was deleted. Case-Laws Income Tax Thu, 27 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766648