https://www.taxtmi.com/caselaws?id=58593 The Appellate Tribunal partially allowed the appeal in favor of the assessee, directing the deletion of the added interest amount of Rs. 2,41,955. The Tribunal accepted the waiver of interest based on a resolution by the Board of Directors before the accounting year, citing financial distress of debtor parties and the absence of recovery. The decision emphasized that the interest could not be deemed accrued, following the Supreme Court precedent, and rejected the Income-tax Officer's inclusion of interest in the total income. en-us Tue, 09 Feb 1988 00:00:00 +0530 Mon, 20 Dec 2010 17:36:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58593 The Appellate Tribunal partially allowed the appeal in favor of the assessee, directing the deletion of the added interest amount of Rs. 2,41,955. The Tribunal accepted the waiver of interest based on a resolution by the Board of Directors before the accounting year, citing financial distress of debtor parties and the absence of recovery. The decision emphasized that the interest could not be deemed accrued, following the Supreme Court precedent, and rejected the Income-tax Officer's inclusion of interest in the total income. Case-Laws Income Tax Tue, 09 Feb 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58593