https://www.taxtmi.com/caselaws?id=10223 The Income-tax Appellate Tribunal ruled in favor of the assessee, a private limited company, by deleting the addition of accrued interest made by the Income-tax Officer for the assessment year 1981-82. Despite following the mercantile system of accounting, the Tribunal found that the interest income did not conclusively accrue to the assessee during the relevant assessment year. The decision emphasized the absence of a fixed date for interest payment and the commercial considerations behind the waiver of interest, ultimately leading to the exclusion of the interest income from the assessment. en-us Wed, 12 Jan 2005 00:00:00 +0530 Fri, 10 Jul 2009 19:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10223 The Income-tax Appellate Tribunal ruled in favor of the assessee, a private limited company, by deleting the addition of accrued interest made by the Income-tax Officer for the assessment year 1981-82. Despite following the mercantile system of accounting, the Tribunal found that the interest income did not conclusively accrue to the assessee during the relevant assessment year. The decision emphasized the absence of a fixed date for interest payment and the commercial considerations behind the waiver of interest, ultimately leading to the exclusion of the interest income from the assessment. Case-Laws Income Tax Wed, 12 Jan 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10223