https://www.taxtmi.com/caselaws?id=802359 Discount or interest on deep discount bonds and business debentures is deductible proportionately on accrual for the relevant accounting year, even though payment is due at maturity. The contractual liability arises when the instruments are issued, while the borrowing provides a business benefit over their term. Accrual accounting and the matching principle allocate the expenditure across that period, permitting deduction of the portion attributable to each accounting year. en-us Thu, 15 Oct 2026 00:00:00 +0530 Wed, 04 Nov 2026 16:47:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=802359 Discount or interest on deep discount bonds and business debentures is deductible proportionately on accrual for the relevant accounting year, even though payment is due at maturity. The contractual liability arises when the instruments are issued, while the borrowing provides a business benefit over their term. Accrual accounting and the matching principle allocate the expenditure across that period, permitting deduction of the portion attributable to each accounting year. Case-Laws Income Tax Thu, 15 Oct 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=802359