https://www.taxtmi.com/caselaws?id=245533 The court upheld the decision of the ITAT, ruling that the interest income accrued to the appellant was not hypothetical but real and taxable under the mercantile system of accounting. The court emphasized that income accrues when it becomes due, regardless of actual receipt, and dismissed the appeal. It suggested the appellant take legal action to recover the due amounts and recommended consideration by a bench dealing with Public Interest Litigation due to the involvement of public funds and potential inaction by the state government and officials. en-us Mon, 31 Mar 2014 00:00:00 +0530 Tue, 17 Mar 2015 11:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=245533 The court upheld the decision of the ITAT, ruling that the interest income accrued to the appellant was not hypothetical but real and taxable under the mercantile system of accounting. The court emphasized that income accrues when it becomes due, regardless of actual receipt, and dismissed the appeal. It suggested the appellant take legal action to recover the due amounts and recommended consideration by a bench dealing with Public Interest Litigation due to the involvement of public funds and potential inaction by the state government and officials. Case-Laws Income Tax Mon, 31 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=245533