https://www.taxtmi.com/caselaws?id=209040 The Tribunal ruled in favor of the assessee, holding that under the mercantile system of accounting, interest accrued but not due on fixed deposits for a term exceeding one year should not be taxed in the impugned assessment year. The Tribunal emphasized the importance of aligning income declaration with actual receipt and acknowledged payable amounts, ultimately deleting the interest income in question from the assessment. en-us Mon, 21 Mar 2011 00:00:00 +0530 Thu, 01 Aug 2013 13:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=209040 The Tribunal ruled in favor of the assessee, holding that under the mercantile system of accounting, interest accrued but not due on fixed deposits for a term exceeding one year should not be taxed in the impugned assessment year. The Tribunal emphasized the importance of aligning income declaration with actual receipt and acknowledged payable amounts, ultimately deleting the interest income in question from the assessment. Case-Laws Income Tax Mon, 21 Mar 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=209040