https://www.taxtmi.com/caselaws?id=190562 Crediting interest as an accrual under mercantile accounting does not constitute "payment" for the purpose of the withholding obligation; the definition of "paid" for income computation allows recognition of credited interest under mercantile accounts, yet the phrase "at the time of payment" in the withholding provision requires actual payment that discharges the debt. The analysis relies on the legal distinction between accrual/capitalisation and discharge of liability, concluding that the obligation to deduct tax at source arises only on actual payment, not on book entries of accrued interest. en-us Wed, 08 Jul 1953 00:00:00 +0530 Sat, 18 Feb 2017 17:01:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=190562 Crediting interest as an accrual under mercantile accounting does not constitute "payment" for the purpose of the withholding obligation; the definition of "paid" for income computation allows recognition of credited interest under mercantile accounts, yet the phrase "at the time of payment" in the withholding provision requires actual payment that discharges the debt. The analysis relies on the legal distinction between accrual/capitalisation and discharge of liability, concluding that the obligation to deduct tax at source arises only on actual payment, not on book entries of accrued interest. Case-Laws Income Tax Wed, 08 Jul 1953 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=190562