Whether assessee was liable to deduction u/s 36(1)(iii), on account of interest accrued in respect of...

Whether assessee was liable to deduction u/s 36(1)(iii), on account of interest accrued in respect of capital converted into loan - Held No - Payment of a liability is distinct from creation or accrual of the liability and under the mercantile system profits and gains of persons are computed on the basis of principle of accrual during the period for which profits and gains have to be computed - HC .....

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