https://www.taxtmi.com/caselaws?id=9740 The Court upheld the Tribunal's decision that interest accrued on a loan despite prohibitory orders and an agreement to not charge interest, citing the principle of accrual under the mercantile system of accounting. The Court also confirmed that the time limit for completing assessment was one year from the end of the financial year in which the return was filed, aligning with the amended section 153(1)(b). The High Court ruled against the assessee on both issues, in favor of the Revenue, with no costs awarded. en-us Wed, 22 Feb 2006 00:00:00 +0530 Tue, 30 Jun 2009 10:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9740 The Court upheld the Tribunal's decision that interest accrued on a loan despite prohibitory orders and an agreement to not charge interest, citing the principle of accrual under the mercantile system of accounting. The Court also confirmed that the time limit for completing assessment was one year from the end of the financial year in which the return was filed, aligning with the amended section 153(1)(b). The High Court ruled against the assessee on both issues, in favor of the Revenue, with no costs awarded. Case-Laws Income Tax Wed, 22 Feb 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9740