https://www.taxtmi.com/caselaws?id=241861 The court ruled in favor of the assessee, holding that interest on sticky loans not credited in the profit and loss account is not taxable under the Interest Act. It affirmed the principle that no income tax is payable on the mercantile accrual of interest on sticky loans and that tax on sticky loans under the Interest Act should be based on actual receipt of interest, not on mercantile accrual. The appeal by the assessee was allowed, and the court ordered the prompt provision of a certified copy of the judgment to the parties' advocates. en-us Mon, 02 Dec 2013 00:00:00 +0530 Fri, 31 Jan 2014 10:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=241861 The court ruled in favor of the assessee, holding that interest on sticky loans not credited in the profit and loss account is not taxable under the Interest Act. It affirmed the principle that no income tax is payable on the mercantile accrual of interest on sticky loans and that tax on sticky loans under the Interest Act should be based on actual receipt of interest, not on mercantile accrual. The appeal by the assessee was allowed, and the court ordered the prompt provision of a certified copy of the judgment to the parties' advocates. Case-Laws Income Tax Mon, 02 Dec 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=241861