Held that since the assessee has made payment of interest on loans pertaining to the earlier years in the relevant year, deduction of said interest is allowable on payment basis. Deduction cannot be disallowed on the ground that the assessee has not recorded such interest in the previous years to which the interest pertains. Order of CIT(A) is affirmed.(AY.2015-16)
Dy. CIT v. Amex Carments (P) Ltd. (2022) 209 DTR 70/215 TTJ 112 (Chennai)(Trib)
S. 43B : Deductions on actual payment-Accrual basis-Interest on pertaining to earlier years-Allowable in the year of payment. [S. 36(1)(iii), 145]