https://www.taxtmi.com/caselaws?id=215332 The court upheld the decision of the Income Tax Appellate Tribunal that interest income had accrued and should be assessed as per the mercantile system of accounting. The court emphasized the concept of real income and the need for income to actually result for it to be taxable. The assessee's argument that no interest had been received post a certain date was rejected, as the court found insufficient evidence to demonstrate the improbability of realizing the interest income. The assessment of interest income on an accrual basis for the relevant assessment year was upheld, with no interference with the Tribunal's decision. en-us Tue, 17 Jul 2012 00:00:00 +0530 Tue, 31 Jul 2012 10:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215332 The court upheld the decision of the Income Tax Appellate Tribunal that interest income had accrued and should be assessed as per the mercantile system of accounting. The court emphasized the concept of real income and the need for income to actually result for it to be taxable. The assessee's argument that no interest had been received post a certain date was rejected, as the court found insufficient evidence to demonstrate the improbability of realizing the interest income. The assessment of interest income on an accrual basis for the relevant assessment year was upheld, with no interference with the Tribunal's decision. Case-Laws Income Tax Tue, 17 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215332