https://www.taxtmi.com/caselaws?id=470337 Interest on unsecured loans claimed on an accrual basis is allowable as application of income where the liability has accrued with reasonable probability; actual payment during the relevant year is not required. The interest disallowance was therefore deleted. An addition for outstanding creditors is unsustainable where the principal creditor balance is supported by ledger confirmation and that evidence remains unrebutted, despite creditors not responding to notices. The outstanding-creditor addition was consequently deleted. Relief was granted on both additions, while the discount-related ground was not decided on merits. en-us Wed, 19 Mar 2025 00:00:00 +0530 Thu, 23 Jul 2026 20:51:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470337 Interest on unsecured loans claimed on an accrual basis is allowable as application of income where the liability has accrued with reasonable probability; actual payment during the relevant year is not required. The interest disallowance was therefore deleted. An addition for outstanding creditors is unsustainable where the principal creditor balance is supported by ledger confirmation and that evidence remains unrebutted, despite creditors not responding to notices. The outstanding-creditor addition was consequently deleted. Relief was granted on both additions, while the discount-related ground was not decided on merits. Case-Laws Income Tax Wed, 19 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470337