https://www.taxtmi.com/caselaws?id=187948 The High Court dismissed two Appeals challenging the Income Tax Appellate Tribunal's order on notional interest on debentures for Assessment Years 2007-08 and 2009-10. The Court upheld the Tribunal's decision, emphasizing the importance of recognizing income only when certainty of receiving it exists, as per accounting principles. It noted the prudence and conservatism required in accounting, especially in cases where realization lacks reasonable certainty. The Court found the Tribunal's decision reasonable, with no substantial question of law arising, and highlighted the significance of maintaining a true financial representation in business accounting practices. en-us Tue, 05 Apr 2016 00:00:00 +0530 Thu, 17 Nov 2016 18:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=187948 The High Court dismissed two Appeals challenging the Income Tax Appellate Tribunal's order on notional interest on debentures for Assessment Years 2007-08 and 2009-10. The Court upheld the Tribunal's decision, emphasizing the importance of recognizing income only when certainty of receiving it exists, as per accounting principles. It noted the prudence and conservatism required in accounting, especially in cases where realization lacks reasonable certainty. The Court found the Tribunal's decision reasonable, with no substantial question of law arising, and highlighted the significance of maintaining a true financial representation in business accounting practices. Case-Laws Income Tax Tue, 05 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=187948