Court dismisses Revenue's appeal on excluding accrued interest from income for Assessment Year 2000-01. Previous decision upheld.

The High Court of Bombay dismissed the Revenue's appeal for the Assessment Year 2000-01, regarding the exclusion of accrued interest from the total income of the Assessee Company. The Court relied on a previous decision and declined to entertain the proposed question of law, ultimately ruling in favor of the Respondent-Assessee and dismissing the appeal with no order as to costs.

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Issues involved: Appeal for Assessment Year 2000-01 by the Revenue regarding exclusion of accrued interest from total income of the Assessee Company.

Summary:
The High Court of Bombay, in an appeal for the Assessment Year 2000-01 by the Revenue, considered the question of whether the Tribunal was correct in excluding from the total income of the Assessee Company the amount of interest of Rs. 29,36,03,288 which had accrued but not fallen due or received. The Counsel for the parties referred to a previous decision of the Court in the case of The Director of Income Tax (International Taxation) v/s. Bank of Bahrain & Kuwait, BSC, where a similar issue was decided in favor of the Respondent-Assessee. The Court, based on this precedent, declined to entertain the proposed question of law and subsequently dismissed the appeal with no order as to costs.

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