https://www.taxtmi.com/caselaws?id=62727 The Tribunal upheld the reopening of assessments under section 147 for interest received on delayed compensation, allowing assessments on accrual basis even if income was initially included on a receipt basis. The Tribunal considered the impact of maintaining regular books of account and the distinction between mercantile and cash systems of accounting. Ultimately, the Tribunal ruled in favor of the assessee, deleting the assessments for the relevant years and confirming the assessment of the entire amount of enhanced compensation and interest in a specific year. en-us Tue, 25 May 2004 00:00:00 +0530 Fri, 21 Jan 2011 13:12:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62727 The Tribunal upheld the reopening of assessments under section 147 for interest received on delayed compensation, allowing assessments on accrual basis even if income was initially included on a receipt basis. The Tribunal considered the impact of maintaining regular books of account and the distinction between mercantile and cash systems of accounting. Ultimately, the Tribunal ruled in favor of the assessee, deleting the assessments for the relevant years and confirming the assessment of the entire amount of enhanced compensation and interest in a specific year. Case-Laws Income Tax Tue, 25 May 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62727