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Interest liability was raised on the assessee by the credit card company which was settled by the assessee in the instant year and, therefore, the interest liability in question crystallized during the year itself. The impugned expenditure could not be treated as a prior period expenditure.

Income Tax - Interest liability was raised on the assessee by the credit card company which was settled by the assessee in the instant year and, therefore, the interest liability in question crystallized during the year itself. The impugned expenditure could not be treated as a prior period expenditure. - TMI Updates - Highlights .....

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