https://www.taxtmi.com/caselaws?id=71317 The Tribunal ruled that the CIT(A) was not justified in confirming the addition of Rs. 2,77,26,740 related to accrued interest on seed money loans. It directed the AO to delete this addition, thereby deciding in favor of the assessee. The Tribunal emphasized the principles of real income and prudence, supporting the assessee's method of recognizing interest only upon receipt, aligning with the relevant Accounting Standards and the Government of India notification. The decision acknowledged the applicability of amended Section 145 of the IT Act while allowing for deviations as permitted by notified Accounting Standards. en-us Thu, 31 Jan 2008 00:00:00 +0530 Sat, 20 Jan 2024 10:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71317 The Tribunal ruled that the CIT(A) was not justified in confirming the addition of Rs. 2,77,26,740 related to accrued interest on seed money loans. It directed the AO to delete this addition, thereby deciding in favor of the assessee. The Tribunal emphasized the principles of real income and prudence, supporting the assessee's method of recognizing interest only upon receipt, aligning with the relevant Accounting Standards and the Government of India notification. The decision acknowledged the applicability of amended Section 145 of the IT Act while allowing for deviations as permitted by notified Accounting Standards. Case-Laws Income Tax Thu, 31 Jan 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71317