29 July 2015
The words used in section 24 are 'payable'. Further in the case of CIT Vs Devendra Bros. & Co. (1993) 200 ITR 146 (All.) it was held that even if interest has fallen due for payment and has not been actually paid it can be claimed as deduction u/s 24. So going by this interest is deductible even on accrual basis.
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