https://www.taxtmi.com/caselaws?id=58644 The tribunal upheld the decision that only the interest expenditure related to the current year should be allowed as a deduction, rejecting the assessee's claim for full deduction of interest liability accrued during the year due to a retrospective amendment disallowing such interest as part of the cost of machinery. The Commissioner (Appeals) rectified the earlier order to withdraw depreciation and investment allowance granted to the assessee in light of the amendment, which was upheld by the tribunal. The appeals on this issue were rejected, emphasizing the impact of retrospective amendments on interest deduction in the context of machinery purchase. en-us Mon, 23 Aug 1993 00:00:00 +0530 Tue, 21 Dec 2010 13:11:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58644 The tribunal upheld the decision that only the interest expenditure related to the current year should be allowed as a deduction, rejecting the assessee's claim for full deduction of interest liability accrued during the year due to a retrospective amendment disallowing such interest as part of the cost of machinery. The Commissioner (Appeals) rectified the earlier order to withdraw depreciation and investment allowance granted to the assessee in light of the amendment, which was upheld by the tribunal. The appeals on this issue were rejected, emphasizing the impact of retrospective amendments on interest deduction in the context of machinery purchase. Case-Laws Income Tax Mon, 23 Aug 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58644