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Amount of repayment - deductiblility in computing the income in the year of receipt - Once it is clear that the liability arose on the date of the contract but what was postponed was only the payment, there is no escape from the conclusion that the assessee can claim the expenditure in the year of Fixed Deposit Receipt. - HC

Income Tax - Amount of repayment - deductiblility in computing the income in the year of receipt - Once it is clear that the liability arose on the date of the contract but what was postponed was only the payment, there is no escape from the conclusion that the assessee can claim the expenditure in the year of Fixed Deposit Receipt. - HC - TMI Updates - Highlights .....

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