2001 (8) TMI 36 - HC - Income Tax

Summary

The High Court of Madras ruled in favor of the assessee regarding the computation of expenditure under section 57(iii) of the Income-tax Act. The court upheld the decision to calculate the expenditure on an accrual basis, considering the method of accounting followed by the lender. The Tribunal's order supporting this view was deemed lawful. The Revenue's challenge was dismissed.