https://www.taxtmi.com/caselaws?id=253802 The High Court upheld the decision to tax interest income on share application money deposited in the bank, rejecting the appellant's argument based on the accounting system. The Court agreed with the Tribunal that the interest earned belonged to the assessee and was taxable, citing the requirement of maintaining accounts on a mercantile basis under the Companies Act. The Tribunal's decision to tax the interest income was affirmed, ruling in favor of the revenue authorities. en-us Thu, 13 Nov 2014 00:00:00 +0530 Wed, 03 Dec 2014 14:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=253802 The High Court upheld the decision to tax interest income on share application money deposited in the bank, rejecting the appellant's argument based on the accounting system. The Court agreed with the Tribunal that the interest earned belonged to the assessee and was taxable, citing the requirement of maintaining accounts on a mercantile basis under the Companies Act. The Tribunal's decision to tax the interest income was affirmed, ruling in favor of the revenue authorities. Case-Laws Income Tax Thu, 13 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=253802