https://www.taxtmi.com/caselaws?id=62089 Interest added to the principal on renewal of promissory notes was not taxable where the assessment was made on a receipt basis and the amounts had not been actually received by the assessee. Mere capitalisation on renewal did not amount to receipt, and constructive receipt was held inapplicable on these facts. Earlier settlement-based assessments did not control the year in question. The renewal interest was therefore excluded from income for the assessment year. en-us Fri, 07 May 1976 00:00:00 +0530 Tue, 18 Jan 2011 10:42:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62089 Interest added to the principal on renewal of promissory notes was not taxable where the assessment was made on a receipt basis and the amounts had not been actually received by the assessee. Mere capitalisation on renewal did not amount to receipt, and constructive receipt was held inapplicable on these facts. Earlier settlement-based assessments did not control the year in question. The renewal interest was therefore excluded from income for the assessment year. Case-Laws Income Tax Fri, 07 May 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62089