2002 PTD 1072

Case Laws / Head Notes / Paras

Held, that the pronote stipulated payment of interest. The entries in the account books of M in the normal course of business revealed the payment of interest of Rs.67,790 to the assessee-company. The mere fact that the correct calculation of interest came to Rs.44,616 as stipulated in the pronote would not render the payment of interest of Rs.67,790 false. The payment of interest had been noted in the accounts of M on five different dates and not on a single date. Simply because the asessee’s accounts did not reveal the receipt of interest, it could not be concluded that there was no receipt of any interest by the assessee-company. The entries in the account books of M would suffice to prove receipt of interest of Rs.67,790 by the assesse. So, the interest of Rs.67,790 was includibl...