https://www.taxtmi.com/caselaws?id=177406 Income derived from trust property must be computed on commercial principles, and where the trust had validly adopted the cash system of accounting, all outgoings including income-tax paid had to be deducted before determining the surplus available for application or accumulation. Interest income could not be estimated on an accrual basis contrary to the accepted accounting method. Both referred questions were answered in favour of the assessee and against the Revenue, following the binding decision in the assessee's own earlier years. en-us Wed, 16 Jun 1993 00:00:00 +0530 Fri, 08 Jan 2016 15:49:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177406 Income derived from trust property must be computed on commercial principles, and where the trust had validly adopted the cash system of accounting, all outgoings including income-tax paid had to be deducted before determining the surplus available for application or accumulation. Interest income could not be estimated on an accrual basis contrary to the accepted accounting method. Both referred questions were answered in favour of the assessee and against the Revenue, following the binding decision in the assessee's own earlier years. Case-Laws Income Tax Wed, 16 Jun 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177406