https://www.taxtmi.com/caselaws?id=189227 Where an assessee regularly accounts for interest and treats settlement by fresh promissory notes as receipt, income accrues under the accounting method and becomes taxable; Section 13 requires computation of income according to the taxpayer's regular accounting practice, and commercial acceptance of promissory notes or settlement in account can constitute realisation. Precedents where interest was not treated as received or notes did not liquidate claims were distinguished. The available material supported treating the interest as accrued and assessable in the relevant year, favouring 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 Where an assessee regularly accounts for interest and treats settlement by fresh promissory notes as receipt, income accrues under the accounting method and becomes taxable; Section 13 requires computation of income according to the taxpayer's regular accounting practice, and commercial acceptance of promissory notes or settlement in account can constitute realisation. Precedents where interest was not treated as received or notes did not liquidate claims were distinguished. The available material supported treating the interest as accrued and assessable in the relevant year, favouring the revenue. Case-Laws Income Tax Mon, 07 Jan 1935 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=189227