https://www.taxtmi.com/caselaws?id=6101 SC allowed the appeal and set aside the HC order, holding that section 5 of the Interest-tax Act must be read with section 21 which incorporates section 145 of the Income-tax Act; where a taxpayer regularly follows the cash system, chargeable interest under section 5 is to be computed on interest actually received. The court noted the 1991 amendment brought credit institutions within the Act and incorporated section 145, supporting computation on a cash basis. en-us Tue, 12 Nov 2002 00:00:00 +0530 Tue, 30 Sep 2025 10:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6101 SC allowed the appeal and set aside the HC order, holding that section 5 of the Interest-tax Act must be read with section 21 which incorporates section 145 of the Income-tax Act; where a taxpayer regularly follows the cash system, chargeable interest under section 5 is to be computed on interest actually received. The court noted the 1991 amendment brought credit institutions within the Act and incorporated section 145, supporting computation on a cash basis. Case-Laws Income Tax Tue, 12 Nov 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6101