https://www.taxtmi.com/caselaws?id=8530 Interest on compensation for acquired land was chargeable under the mercantile system when the right to receive it accrued, not merely when it was later received. Because the assessee kept accounts on a mercantile basis, the revenue could not assess the entire interest on a receipt basis in the later assessment years or ignore accrual once it had arisen. The interest had to be spread over the relevant years and taxed only to the extent it accrued in each year, so the sums in question were not wholly taxable in the two assessment years on receipt basis. en-us Tue, 18 Jan 1972 00:00:00 +0530 Wed, 29 Apr 2009 18:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8530 Interest on compensation for acquired land was chargeable under the mercantile system when the right to receive it accrued, not merely when it was later received. Because the assessee kept accounts on a mercantile basis, the revenue could not assess the entire interest on a receipt basis in the later assessment years or ignore accrual once it had arisen. The interest had to be spread over the relevant years and taxed only to the extent it accrued in each year, so the sums in question were not wholly taxable in the two assessment years on receipt basis. Case-Laws Income Tax Tue, 18 Jan 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8530