https://www.taxtmi.com/caselaws?id=331797 The High Court upheld the Income Tax Appellate Tribunal's decision regarding the tax treatment of EMI residual income. The Court ruled that the income accrues to the assessee only when interest amounts exceeding agreed rates are recovered, aligning with the principle that income arises upon actual recoveries. The appeals challenging the Tribunal's order were dismissed, affirming the tax treatment based on accrual and realization principles for the assessment years in question. en-us Tue, 26 Apr 2016 00:00:00 +0530 Fri, 02 Sep 2016 12:27:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=331797 The High Court upheld the Income Tax Appellate Tribunal's decision regarding the tax treatment of EMI residual income. The Court ruled that the income accrues to the assessee only when interest amounts exceeding agreed rates are recovered, aligning with the principle that income arises upon actual recoveries. The appeals challenging the Tribunal's order were dismissed, affirming the tax treatment based on accrual and realization principles for the assessment years in question. Case-Laws Income Tax Tue, 26 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=331797