Appeal on Tax Assessment for Interest Accrued on Loan: Significant Legal Questions Raised

The Allahabad HC admitted an appeal on substantial questions of law regarding the addition made to the income of a Society by the Assessing Officer for interest accrued on a loan given to its Treasurer. The petitioner's counsel argued a violation of Section 13(3) of the Income Tax Act. The case was listed for the following week.

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The Allahabad High Court admitted an appeal on substantial questions of law framed in the memo of appeal. The petitioner's counsel raised a question regarding the addition made by the Assessing Officer to the income of the assessee Society on account of interest accrued on a loan given to its Treasurer without making any provision for accrued interest in violation of Section 13(3) of the Income Tax Act. The case was listed for the next week.

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