https://www.taxtmi.com/caselaws?id=10135 The High Court upheld the Tribunal's decision to tax interest income based on accrual under the mercantile system of accounting. Despite the borrowing company's objections regarding incomplete advances, the Court ruled that income accrues when legally recoverable, regardless of actual receipt. Citing past assessments and accounting discrepancies, the Court found in favor of the Revenue, affirming that the interest income had accrued to the assessee and should be taxed accordingly. en-us Wed, 23 Jul 2003 00:00:00 +0530 Wed, 08 Jul 2009 07:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10135 The High Court upheld the Tribunal's decision to tax interest income based on accrual under the mercantile system of accounting. Despite the borrowing company's objections regarding incomplete advances, the Court ruled that income accrues when legally recoverable, regardless of actual receipt. Citing past assessments and accounting discrepancies, the Court found in favor of the Revenue, affirming that the interest income had accrued to the assessee and should be taxed accordingly. Case-Laws Income Tax Wed, 23 Jul 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10135