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| The Tax Publishers2019 TaxPub(DT) 6663 (Ctk-Trib) INCOME TAX ACT, 1961
Section 37(1)
Interest liability on disputed electricity duty and water charges was as per statute and had been charged to the Profit and Loss Account on accrual basis in terms of mercantile system of accounting, was allowable under section 37(1).
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Business expenditure - Allowability - Inerest on disputed electricity duty and water charges -
Assessee claimed deduction of payments made of interest on disputed electricity duty and water charges. AO held the same to be unascertained liabilities not allowable as business expenditure.Held: Interest liability was as per statute and had been charged to the Profit and Loss Account on accrual basis in terms of mercantile system of accounting, was allowable under section 37.
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2014-2015
INCOME TAX ACT, 1961
Section 14A
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