Disallowance of provisions of interest as the provisions...
Assessee Entitled to Deduct Full Expenditure When Paid, Despite Unascertained Liabilities; No Estoppel Against Statute.
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Income TaxMay 6, 2016Case LawsSCH
Disallowance of provisions of interest as the provisions amounted to unascertained liability - there is no estoppel against the Statute and the Act enables and entitles the assessee to claim the entire expenditure in the manner it is claimed. Thus the assessee would be entitled to deduction of the entire expenditure respectively in the year in which the amount was actually paid - SC