Broken-period income must equal or exceed the amount attributable when a debt instrument is transferred during the financial year. Income arising on transfer of a debt instrument during a financial year shall not be less than the broken-period income attributable to that instrument, establishing a minimum recognition rule that treats accrued interest for the period as taxable income on transfer.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Broken-period income must equal or exceed the amount attributable when a debt instrument is transferred during the financial year.
Income arising on transfer of a debt instrument during a financial year shall not be less than the broken-period income attributable to that instrument, establishing a minimum recognition rule that treats accrued interest for the period as taxable income on transfer.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
