https://www.taxtmi.com/caselaws?id=57787 The Tribunal concluded that the provision made by the assessee for the interest on Deep Discount Bonds is an accrued liability and not contingent. The interest liability was rationally spread over the bond's life as per the terms of issue. Thus, the provision for interest payable was allowable, and the appeals by the Revenue were dismissed. The CIT(A)'s deletion of the disallowance of interest payable on the Deep Discount Bonds was upheld. en-us Mon, 01 Aug 2005 00:00:00 +0530 Fri, 22 Jun 2012 15:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57787 The Tribunal concluded that the provision made by the assessee for the interest on Deep Discount Bonds is an accrued liability and not contingent. The interest liability was rationally spread over the bond's life as per the terms of issue. Thus, the provision for interest payable was allowable, and the appeals by the Revenue were dismissed. The CIT(A)'s deletion of the disallowance of interest payable on the Deep Discount Bonds was upheld. Case-Laws Income Tax Mon, 01 Aug 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57787