https://www.taxtmi.com/caselaws?id=208007 The Tribunal ruled in favor of the assessees, allowing them to recognize interest income from 8% RBI Bonds on a cash basis at the time of redemption. The Tribunal emphasized the assessees' right to choose their preferred method of income recognition unless statutory provisions dictated otherwise. It highlighted the specific terms of the RBI Bonds, stating that interest was payable only upon redemption, not annually, and that no TDS was deducted until maturity. The Tribunal also clarified that Circulars issued by the CBDT were not necessarily binding on assessees following permissible accounting methods. en-us Thu, 11 Mar 2010 00:00:00 +0530 Mon, 02 Jan 2012 11:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=208007 The Tribunal ruled in favor of the assessees, allowing them to recognize interest income from 8% RBI Bonds on a cash basis at the time of redemption. The Tribunal emphasized the assessees' right to choose their preferred method of income recognition unless statutory provisions dictated otherwise. It highlighted the specific terms of the RBI Bonds, stating that interest was payable only upon redemption, not annually, and that no TDS was deducted until maturity. The Tribunal also clarified that Circulars issued by the CBDT were not necessarily binding on assessees following permissible accounting methods. Case-Laws Income Tax Thu, 11 Mar 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=208007