https://www.taxtmi.com/caselaws?id=219187 The ITAT allowed the appeal of the assessee on all grounds. It held that interest income on Deep Discount Bonds (DDBs) should not be recognized on an accrual basis if the assessee follows the cash system of accounting. The gains from the sale of interest coupon strips were classified as long-term capital gains, and consequently, the deduction under Section 54EC was allowed. The tribunal's decision was consistent with its earlier rulings, respecting the method of accounting regularly employed by the assessee. en-us Tue, 31 Jan 2012 00:00:00 +0530 Fri, 07 Dec 2012 21:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=219187 The ITAT allowed the appeal of the assessee on all grounds. It held that interest income on Deep Discount Bonds (DDBs) should not be recognized on an accrual basis if the assessee follows the cash system of accounting. The gains from the sale of interest coupon strips were classified as long-term capital gains, and consequently, the deduction under Section 54EC was allowed. The tribunal's decision was consistent with its earlier rulings, respecting the method of accounting regularly employed by the assessee. Case-Laws Income Tax Tue, 31 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=219187