https://www.taxtmi.com/caselaws?id=10972 The High Court of Madras upheld the taxation of interest income under section 214 of the Income-tax Act for the assessment year 1985-86. The court ruled that the interest received by the assessee was of income nature and should be taxed in the year of accrual, regardless of the finality of the assessment for the previous year. The court dismissed the appeal, emphasizing the consistent treatment of the interest as taxable income and allowing deductions for any excess interest repayment under section 37 of the Act. en-us Thu, 15 Jul 2004 00:00:00 +0530 Tue, 28 Jul 2009 17:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10972 The High Court of Madras upheld the taxation of interest income under section 214 of the Income-tax Act for the assessment year 1985-86. The court ruled that the interest received by the assessee was of income nature and should be taxed in the year of accrual, regardless of the finality of the assessment for the previous year. The court dismissed the appeal, emphasizing the consistent treatment of the interest as taxable income and allowing deductions for any excess interest repayment under section 37 of the Act. Case-Laws Income Tax Thu, 15 Jul 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10972