VARANASI DEVELOPMENT AUTHORITY,VARANASI vs. CIT (E),, LUCKNOW

In the result, the appeal of the assessee is allowed

Bench: Shri.Vijay Pal Rao & Shri Ramit Kocharassessment Year: 2007-08 Varanasi Development Authority, Vs. Commissioner Of Income Tax Pannalal Park, Raja Udai Pratap (Exemption), Lucknow Marg, Katchary, Varanasi Pan-Aaatv6811A (Appellant) (Respondent) Appellant By: Sh. Ashish Bansal, Advocate Respondent By: Sh. Amalendu Nath Mishra, Cit Dr Date Of Hearing: 12.01.2023 Date Of Pronouncement: 17.01.2023 O R D E R

21,756/- as on 01st April, 2006. The assessee claimed accrued interest of Rs. 2,91,78,400/- as expenditure as per the income and expenditure account. The CIT(E) observed that since the interest was only accrued but not paid till filing of the ITR, it was not to be allowed as expenditure in view of the provisions