https://www.taxtmi.com/caselaws?id=69602 Under the mercantile system, interest that had accrued by the end of the accounting year remained taxable even though the assessee later sought a rebate by board resolution after year-end. The later reduction could not undo prior accrual, and subsequent letters or events were irrelevant to the taxability of income that had already become due. The discussion also noted that unilateral post-accrual waiver, without demonstrated commercial expediency, does not efface accrued income. The addition for accrued interest was therefore sustained. en-us Tue, 30 Dec 1997 00:00:00 +0530 Thu, 07 Apr 2011 18:42:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69602 Under the mercantile system, interest that had accrued by the end of the accounting year remained taxable even though the assessee later sought a rebate by board resolution after year-end. The later reduction could not undo prior accrual, and subsequent letters or events were irrelevant to the taxability of income that had already become due. The discussion also noted that unilateral post-accrual waiver, without demonstrated commercial expediency, does not efface accrued income. The addition for accrued interest was therefore sustained. Case-Laws Income Tax Tue, 30 Dec 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69602