https://www.taxtmi.com/caselaws?id=71560 The Tribunal upheld the CIT(A)'s decision to sustain the addition of Rs. 28,950 for accrued interest in the case involving a partnership firm. Despite the waiver of interest post-accrual, the Tribunal ruled that the interest income had accrued during the default period, aligning with legal precedent. The absence of a specified date for interest payment did not exempt the assessee from tax liability, as the accrual principle governed the taxation of income. The decision emphasized the importance of distinguishing between income accrual and the timing of waiver to determine tax obligations accurately. en-us Wed, 25 Aug 1999 00:00:00 +0530 Mon, 25 Apr 2011 16:27:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71560 The Tribunal upheld the CIT(A)'s decision to sustain the addition of Rs. 28,950 for accrued interest in the case involving a partnership firm. Despite the waiver of interest post-accrual, the Tribunal ruled that the interest income had accrued during the default period, aligning with legal precedent. The absence of a specified date for interest payment did not exempt the assessee from tax liability, as the accrual principle governed the taxation of income. The decision emphasized the importance of distinguishing between income accrual and the timing of waiver to determine tax obligations accurately. Case-Laws Income Tax Wed, 25 Aug 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71560