https://www.taxtmi.com/caselaws?id=353095 The High Court of Kerala held that interest income from Bank deposits, not credited to the assessee's account during the assessment year, is taxable income and should be assessed for taxation in that year. The Court rejected the argument that income accrues only upon crediting, emphasizing that under the mercantile system, income is recognized when legally due. The Court ruled in favor of the Revenue, setting aside the Tribunal's decision and restoring the assessment to include the interest income in question. en-us Wed, 20 Dec 2017 00:00:00 +0530 Fri, 02 Feb 2018 14:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=353095 The High Court of Kerala held that interest income from Bank deposits, not credited to the assessee's account during the assessment year, is taxable income and should be assessed for taxation in that year. The Court rejected the argument that income accrues only upon crediting, emphasizing that under the mercantile system, income is recognized when legally due. The Court ruled in favor of the Revenue, setting aside the Tribunal's decision and restoring the assessment to include the interest income in question. Case-Laws Income Tax Wed, 20 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=353095