https://www.taxtmi.com/caselaws?id=10295 The High Court ruled in favor of the assessee in an appeal against orders made by the Income-tax Appellate Tribunal under section 260A of the Income-tax Act 1961. The dispute centered on the taxability of interest accrued to the assessee during the relevant years under the mercantile system. The court held that income tax should be assessed in the year when the court decision was rendered, aligning with previous judgments. The court found that the right to receive the amount was contingent until the court's decision, determining the income tax liability based on the date of the court decision. The appeals were allowed in favor of the assessee, with no costs ordered. en-us Tue, 28 Sep 2004 00:00:00 +0530 Mon, 13 Jul 2009 11:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10295 The High Court ruled in favor of the assessee in an appeal against orders made by the Income-tax Appellate Tribunal under section 260A of the Income-tax Act 1961. The dispute centered on the taxability of interest accrued to the assessee during the relevant years under the mercantile system. The court held that income tax should be assessed in the year when the court decision was rendered, aligning with previous judgments. The court found that the right to receive the amount was contingent until the court's decision, determining the income tax liability based on the date of the court decision. The appeals were allowed in favor of the assessee, with no costs ordered. Case-Laws Income Tax Tue, 28 Sep 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10295