Disallowing of Interest without Considering T&C of Agreement is unjustified

Hutchinson & Co. (India) P. Ltd. Vs DCIT (Karnataka High Court) The issue under consideration is whether Tribunal is correct in the disallowing the claim of interest from the deposits without considering the terms and conditions of the agreement between the parties? High Court states that, in view of aforesaid aspect of the matter, it is not necessary for us to examine on merits the substantial questions of law framed by a bench of this court. Admittedly, it is the contention of the assessee that under the relevant clauses of the agreement, the interest earned on capital bond was required ...