https://www.taxtmi.com/caselaws?id=7116 Interest on enhanced land acquisition compensation accrues year by year when it becomes legally due and recoverable, not only when later received or quantified. The liability arises when possession is taken and continues when compensation is enhanced by decree carrying interest, with pendency of appeals or absence of stay not deferring accrual. Income is taxable on accrual when the assessee acquires a vested, enforceable right to receive it. On this basis, interest attributable to earlier periods had accrued in those years, and only the portion referable to assessment year 1962-63 was taxable in that year. en-us Mon, 21 Aug 1967 00:00:00 +0530 Tue, 10 Feb 2009 19:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7116 Interest on enhanced land acquisition compensation accrues year by year when it becomes legally due and recoverable, not only when later received or quantified. The liability arises when possession is taken and continues when compensation is enhanced by decree carrying interest, with pendency of appeals or absence of stay not deferring accrual. Income is taxable on accrual when the assessee acquires a vested, enforceable right to receive it. On this basis, interest attributable to earlier periods had accrued in those years, and only the portion referable to assessment year 1962-63 was taxable in that year. Case-Laws Income Tax Mon, 21 Aug 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7116