https://www.taxtmi.com/caselaws?id=333908 The Court upheld the Income Tax Appellate Tribunal's decision to include interest income in the Appellant's total income under the mercantile system of accounting. The Appellant's challenge, based on legal precedents, was dismissed as the Court found that interest had accrued and constituted real income, supported by the absence of evidence showing borrower refusal to repay. The Court emphasized the distinction from previous cases involving illusory interest or no income accrual. Consequently, the appeals were dismissed, and no costs were awarded to the Appellant. en-us Mon, 03 Oct 2016 00:00:00 +0530 Thu, 27 Oct 2016 10:03:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=333908 The Court upheld the Income Tax Appellate Tribunal's decision to include interest income in the Appellant's total income under the mercantile system of accounting. The Appellant's challenge, based on legal precedents, was dismissed as the Court found that interest had accrued and constituted real income, supported by the absence of evidence showing borrower refusal to repay. The Court emphasized the distinction from previous cases involving illusory interest or no income accrual. Consequently, the appeals were dismissed, and no costs were awarded to the Appellant. Case-Laws Income Tax Mon, 03 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=333908