https://www.taxtmi.com/caselaws?id=58786 The Tribunal partially allowed the appeal by directing the deletion of the addition of interest amounting to Rs. 2,41,955. It emphasized the significance of genuine waivers, consistent accounting practices, and timely write-offs in determining tax implications of financial transactions. The resolution of the Board of Directors waiving interest was considered crucial evidence and aligned with principles established in similar cases by higher courts. The Tribunal rejected the assessee's attempt to adopt different accounting systems for various parties, emphasizing the inability to selectively apply accounting methods based on convenience. en-us Tue, 09 Feb 1988 00:00:00 +0530 Wed, 22 Dec 2010 11:53:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58786 The Tribunal partially allowed the appeal by directing the deletion of the addition of interest amounting to Rs. 2,41,955. It emphasized the significance of genuine waivers, consistent accounting practices, and timely write-offs in determining tax implications of financial transactions. The resolution of the Board of Directors waiving interest was considered crucial evidence and aligned with principles established in similar cases by higher courts. The Tribunal rejected the assessee's attempt to adopt different accounting systems for various parties, emphasizing the inability to selectively apply accounting methods based on convenience. Case-Laws Income Tax Tue, 09 Feb 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58786