1999 (10) TMI 53 - HC - Income Tax

Summary

The High Court of Kerala dismissed the petition regarding disallowance of interest claimed on credits in the assessment year 1990-91. The AO disallowed the interest, but the CIT(A) and Tribunal accepted the genuineness of the creditors, so the interest claim was allowed. The court found that since the genuineness of credits was accepted in an earlier year, the interest could not be disallowed. The petition was dismissed.