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2006 (11) TMI 186 - HC - Income TaxInterest payable to bank for A.Y. 1992-93 & 1993-94 – revenue contend that liability to pay such interest not accrued during the assessment year in question – Whether the assessee is entitled to claim a deduction of that interest in the A. Y. 1992-93 & 1993-94 as business expenditure without making any provision in that regard – held, yes – assessee is following mercantile system of accounting, so, CIT & ITAT are justified in deleting the addition of the interest liability & allowing the claim
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