https://www.taxtmi.com/caselaws?id=70483 Interest on National Plan Savings Certificates was held to accrue from the time the original investment was made, because the right to receive interest existed from inception and a later Government order merely regularised the investment and fixed the rate on excess holdings. The administrative regularisation did not create a fresh right to income; it only affected the quantification of interest. Accordingly, the interest was assessable year by year in the relevant assessment years on an accrual basis, rather than being taxed wholly in the year of regularisation. en-us Fri, 31 Jul 1987 00:00:00 +0530 Sat, 16 Apr 2011 14:06:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70483 Interest on National Plan Savings Certificates was held to accrue from the time the original investment was made, because the right to receive interest existed from inception and a later Government order merely regularised the investment and fixed the rate on excess holdings. The administrative regularisation did not create a fresh right to income; it only affected the quantification of interest. Accordingly, the interest was assessable year by year in the relevant assessment years on an accrual basis, rather than being taxed wholly in the year of regularisation. Case-Laws Income Tax Fri, 31 Jul 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70483