Assessee Correctly Accounts for 22-Month Interest Liability in Line with Prudence and Conservatism Principles.

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....Prior period expenditure - interest liability for the 22 month period - Assessee following mercantile system of accounting, with prudence and conservatism being fundamental accounting principles, the same stands correctly provided for on 31/3/2008 inasmuch as the books for fy 2007-08 had not been closed by that date (12/6/2008). - AT....