https://www.taxtmi.com/caselaws?id=58886 Interest on a transferred liability for excess realisation under the Levy Sugar Price Equalisation Fund Act was held not deductible as business expenditure because the statutory scheme required only credit of the excess realisation to the Fund when interim judicial protection ended. The purchaser of the distillery division stepped into the vendor's position, but that did not create any separate obligation to pay interest for the period covered by the interim order. The absence of a book entry was immaterial, yet no statutory liability to interest arose under the Act, so the deduction failed. en-us Tue, 26 Dec 1989 00:00:00 +0530 Sun, 06 Feb 2011 03:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58886 Interest on a transferred liability for excess realisation under the Levy Sugar Price Equalisation Fund Act was held not deductible as business expenditure because the statutory scheme required only credit of the excess realisation to the Fund when interim judicial protection ended. The purchaser of the distillery division stepped into the vendor's position, but that did not create any separate obligation to pay interest for the period covered by the interim order. The absence of a book entry was immaterial, yet no statutory liability to interest arose under the Act, so the deduction failed. Case-Laws Income Tax Tue, 26 Dec 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58886