Interest on securities taxable in the year it is due if no regular accounting method is employed. The amendment provides that where no method of accounting is regularly employed by the assessee, interest on securities shall be chargeable to tax as the income of the previous year in which such interest is due to the assessee.
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.
Interest on securities taxable in the year it is due if no regular accounting method is employed.
The amendment provides that where no method of accounting is regularly employed by the assessee, interest on securities shall be chargeable to tax as the income of the previous year in which such interest is due to the assessee.
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