Limitation period commencement and procedural inquiry rules: identity-based limitation upheld; complaints by authorised public servants need not attra...
Pre-trial bail granted where custodial period, documentary prosecution, and magistrate-triable offence favor release subject to surety and no witness ...
Page of 4817
Press 'Enter' after typing page number.
5861 to 5880 of 96333 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
Interest income under the mercantile system was held taxable in AY 2007-08 on accrual basis because the assessee, having followed that method, had to bring the entire accrued amount to tax in that year and produced no corroborative material showing that accrual had been deferred by litigation or other valid reason. The Tribunal also upheld reopening under section 147, holding that the original assessment had not examined the balance accrued interest and that information from remand proceedings constituted tangible material; the plea of mere change of opinion therefore failed. To avoid double taxation, it approved verification and rectification in AY 2009-10 if the amount had been declared there.
Interest income under the mercantile system was held taxable in AY 2007-08 on accrual basis because the assessee, having followed that method, had to bring the entire accrued amount to tax in that year and produced no corroborative material showing that accrual had been deferred by litigation or other valid reason. The Tribunal also upheld reopening under section 147, holding that the original assessment had not examined the balance accrued interest and that information from remand proceedings constituted tangible material; the plea of mere change of opinion therefore failed. To avoid double taxation, it approved verification and rectification in AY 2009-10 if the amount had been declared there.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4817 
Join Channel 
