https://www.taxtmi.com/caselaws?id=63837 The Tribunal allowed the appeal of the assessee, a manufacturing company, regarding the addition of Rs. 2,40,000 as interest income on debentures. The Tribunal found that the company had waived its right to receive interest due to the financial crisis of the debenture issuer, and therefore, there was no real income to be taxed on an accrual basis. The Tribunal directed the Assessing Officer to delete the addition, overturning the decision of the CIT(A). en-us Fri, 27 Jul 2007 00:00:00 +0530 Wed, 02 Feb 2011 12:39:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63837 The Tribunal allowed the appeal of the assessee, a manufacturing company, regarding the addition of Rs. 2,40,000 as interest income on debentures. The Tribunal found that the company had waived its right to receive interest due to the financial crisis of the debenture issuer, and therefore, there was no real income to be taxed on an accrual basis. The Tribunal directed the Assessing Officer to delete the addition, overturning the decision of the CIT(A). Case-Laws Income Tax Fri, 27 Jul 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63837