Court rules on interest taxation for fixed deposit, dismisses petition for assessment year 1978-79.

The High Court of Delhi dismissed the petition regarding the taxation of interest on fixed deposit on accrual or cash basis for the assessment year 1978-79. The fixed deposit matured in 1977, and tax was paid on receipt basis, which was accepted by the assessee. No reference was deemed necessary as the issue had become academic. No costs were awarded.

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The High Court of Delhi dismissed the petition regarding the taxation of interest on fixed deposit on accrual or cash basis for the assessment year 1978-79. The fixed deposit matured in 1977, and tax was paid on receipt basis, which was accepted by the assessee. No reference was deemed necessary as the issue had become academic. No costs were awarded.

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