https://www.taxtmi.com/caselaws?id=189227 Interest treated by the assessees as realised when fresh promissory notes were accepted in substitution of existing debt could be assessed as accrued income in the relevant year where the books of account and regular accounting practice supported that treatment. The Income Tax Officer was entitled to compute income according to the method of accounting regularly employed under section 13 of the Income-tax Act, 1922, and the surrounding facts provided material for concluding that the interest had been liquidated and entered as received. The Court therefore held that the sum was assessable to income-tax in the assessment year 1933-1934, answering the reference in favour of the Revenue. en-us Mon, 07 Jan 1935 00:00:00 +0530 Mon, 02 Jan 2017 12:16:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=189227 Interest treated by the assessees as realised when fresh promissory notes were accepted in substitution of existing debt could be assessed as accrued income in the relevant year where the books of account and regular accounting practice supported that treatment. The Income Tax Officer was entitled to compute income according to the method of accounting regularly employed under section 13 of the Income-tax Act, 1922, and the surrounding facts provided material for concluding that the interest had been liquidated and entered as received. The Court therefore held that the sum was assessable to income-tax in the assessment year 1933-1934, answering the reference in favour of the Revenue. Case-Laws Income Tax Mon, 07 Jan 1935 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=189227