https://www.taxtmi.com/caselaws?id=249384 The tribunal directed a fresh examination by the AO on the disallowance of interest expenditure issue under section 14A, noting the need to consider the assessee's submissions and evidences. It upheld the assessment of the difference amount of interest income, emphasizing that income assessment is independent of the assessee's acceptance, based on the mercantile system of accounting and acknowledgment of interest accrual by debtors. The appeal was allowed for statistical purposes. en-us Wed, 25 Jun 2014 00:00:00 +0530 Sat, 12 Jul 2014 18:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249384 The tribunal directed a fresh examination by the AO on the disallowance of interest expenditure issue under section 14A, noting the need to consider the assessee's submissions and evidences. It upheld the assessment of the difference amount of interest income, emphasizing that income assessment is independent of the assessee's acceptance, based on the mercantile system of accounting and acknowledgment of interest accrual by debtors. The appeal was allowed for statistical purposes. Case-Laws Income Tax Wed, 25 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249384