https://www.taxtmi.com/caselaws?id=10538 The case involved the interpretation of tax liability on interest accrued over several years. The Tribunal and High Court determined that the interest accrued annually to the owners of the deposit and not to the competent authority. It was held that the interest became taxable as and when it accrued and became payable to the owner, rather than solely in the year of receipt. The entire interest amount was ruled not liable to tax in a single assessment year, as it accrued from year to year. The judgment favored the assessee in this regard. en-us Fri, 29 Oct 2004 00:00:00 +0530 Fri, 17 Jul 2009 12:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10538 The case involved the interpretation of tax liability on interest accrued over several years. The Tribunal and High Court determined that the interest accrued annually to the owners of the deposit and not to the competent authority. It was held that the interest became taxable as and when it accrued and became payable to the owner, rather than solely in the year of receipt. The entire interest amount was ruled not liable to tax in a single assessment year, as it accrued from year to year. The judgment favored the assessee in this regard. Case-Laws Income Tax Fri, 29 Oct 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10538