https://www.taxtmi.com/caselaws?id=4452 The court held that interest on Government securities shown in the profit and loss account is not assessable for the relevant assessment year unless it is actually received or due to the assessee. Merely reflecting the interest in the profit and loss account does not automatically make it taxable income. The court emphasized that only real income can be assessed, and since the securities had not matured for payment during the relevant year, the interest was not deemed as accrued income. The Tribunal's decision to uphold the Commissioner of Income-tax (Appeals) was affirmed, resulting in the dismissal of the Revenue's appeal. en-us Wed, 16 Jan 2008 00:00:00 +0530 Wed, 20 May 2026 11:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=4452 The court held that interest on Government securities shown in the profit and loss account is not assessable for the relevant assessment year unless it is actually received or due to the assessee. Merely reflecting the interest in the profit and loss account does not automatically make it taxable income. The court emphasized that only real income can be assessed, and since the securities had not matured for payment during the relevant year, the interest was not deemed as accrued income. The Tribunal's decision to uphold the Commissioner of Income-tax (Appeals) was affirmed, resulting in the dismissal of the Revenue's appeal. Case-Laws Income Tax Wed, 16 Jan 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=4452