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Interest Disallowance Contested: Assessee's Cash Basis Method Validates Interest Payments Contingent on Flat Allotment Application.

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....Disallowance on account of interest on borrowings paid by the assessee - it was mutually agreed between the assessee and the respective parties that the payment for fees will be made subject to the condition that the assessee applies for allotment of flat. - Following the method of accounting on Cash basis, amount of interest for earlier cannot be disallowed.....

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Interest Disallowance Contested: Assessee's Cash Basis Method Validates Interest Payments Contingent on Flat Allotment Application.