https://www.taxtmi.com/caselaws?id=191877 The High Court upheld the Tribunal's decision regarding the accrual of interest income for the assessment year 1973-74. The Court ruled that the interest income of Rs. 32,250 accrued to the assessee due to the agreement in 1972, not when the fixed deposits matured in 1968 and 1969. Emphasizing the importance of the 1972 agreement, the Court held that the bank was not obligated to pay interest until that agreement, rejecting the assessee's argument. The judgment favored the Revenue, highlighting the significance of agreements in determining the accrual of interest income. en-us Wed, 13 Sep 1989 00:00:00 +0530 Sat, 29 Apr 2017 17:32:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=191877 The High Court upheld the Tribunal's decision regarding the accrual of interest income for the assessment year 1973-74. The Court ruled that the interest income of Rs. 32,250 accrued to the assessee due to the agreement in 1972, not when the fixed deposits matured in 1968 and 1969. Emphasizing the importance of the 1972 agreement, the Court held that the bank was not obligated to pay interest until that agreement, rejecting the assessee's argument. The judgment favored the Revenue, highlighting the significance of agreements in determining the accrual of interest income. Case-Laws Income Tax Wed, 13 Sep 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=191877