https://www.taxtmi.com/caselaws?id=252862 The Court ruled in favor of the assessee on all three issues raised by the Revenue. Firstly, it held that interest income cannot be taxed unless it is due and payable, following the principle of accrual of income. Secondly, it emphasized that no expenditure can be allocated to exempted income if none is incurred in earning it. Lastly, the Court set aside the orders regarding bad debts deduction, directing a decision in line with the Supreme Court's judgment on the matter. The judgment provided detailed analysis and referenced relevant legal precedents to support its conclusions, highlighting the importance of accurate application of tax laws. en-us Tue, 01 Jul 2014 00:00:00 +0530 Thu, 06 Nov 2014 09:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=252862 The Court ruled in favor of the assessee on all three issues raised by the Revenue. Firstly, it held that interest income cannot be taxed unless it is due and payable, following the principle of accrual of income. Secondly, it emphasized that no expenditure can be allocated to exempted income if none is incurred in earning it. Lastly, the Court set aside the orders regarding bad debts deduction, directing a decision in line with the Supreme Court's judgment on the matter. The judgment provided detailed analysis and referenced relevant legal precedents to support its conclusions, highlighting the importance of accurate application of tax laws. Case-Laws Income Tax Tue, 01 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=252862