https://www.taxtmi.com/caselaws?id=55486 The Tribunal directed the ITO to allow the deduction of accrued interest on a deferred payment basis, disallowing the discounting charges. Disallowance of interest for non-business purposes was overturned as the debit balances were related to business transactions. An addition under s. 40A(7) for payment to LIC was deleted, upheld by the Tribunal. Disallowance of travelling expenses under r. 6D was reversed, aligning with the decision in S.V. Ghatalia vs. ITO. Deductions for unpaid sales tax and provident fund were allowed if paid within the due date. Applicability of s. 43B to family pension fund and ESI was confirmed. Deduction of interest for late payment of sales tax was allowed. Deduction u/s 80-I for new unit profits was permitted despite losses in the old unit. The assessee's appeals were allowed, and the Revenue's appeals were dismissed. en-us Mon, 13 Jan 1992 00:00:00 +0530 Sun, 06 Feb 2011 03:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55486 The Tribunal directed the ITO to allow the deduction of accrued interest on a deferred payment basis, disallowing the discounting charges. Disallowance of interest for non-business purposes was overturned as the debit balances were related to business transactions. An addition under s. 40A(7) for payment to LIC was deleted, upheld by the Tribunal. Disallowance of travelling expenses under r. 6D was reversed, aligning with the decision in S.V. Ghatalia vs. ITO. Deductions for unpaid sales tax and provident fund were allowed if paid within the due date. Applicability of s. 43B to family pension fund and ESI was confirmed. Deduction of interest for late payment of sales tax was allowed. Deduction u/s 80-I for new unit profits was permitted despite losses in the old unit. The assessee's appeals were allowed, and the Revenue's appeals were dismissed. Case-Laws Income Tax Mon, 13 Jan 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55486