https://www.taxtmi.com/caselaws?id=171543 Half-yearly interest on Government securities was held taxable on actual receipt rather than on mere due date or accrual. Section 8 of the Income-tax Act was treated as a machinery provision for computing income from securities, and the word "receivable" was construed in the context of the Act as a whole to mean more than being capable of demand on the due date. The scheme of deduction at source and deemed receipt supported taxation only when the interest was actually received. Section 13 on method of accounting was held inapplicable to this head, so the mercantile system could not accelerate taxability. The interest was therefore assessable in assessment year 1946-47, not 1945-46. en-us Thu, 27 Mar 1952 00:00:00 +0530 Thu, 23 Jul 2015 16:41:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=171543 Half-yearly interest on Government securities was held taxable on actual receipt rather than on mere due date or accrual. Section 8 of the Income-tax Act was treated as a machinery provision for computing income from securities, and the word "receivable" was construed in the context of the Act as a whole to mean more than being capable of demand on the due date. The scheme of deduction at source and deemed receipt supported taxation only when the interest was actually received. Section 13 on method of accounting was held inapplicable to this head, so the mercantile system could not accelerate taxability. The interest was therefore assessable in assessment year 1946-47, not 1945-46. Case-Laws Income Tax Thu, 27 Mar 1952 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=171543