https://www.taxtmi.com/caselaws?id=13365 The HC dismissed the appeals, ruling in favor of the assessee. It held that interest on securities should be taxed only on specified dates when due for payment, not on an accrual basis. The court emphasized the importance of consistency in accounting methods, aligning with the third proviso to section 145(1) of the Income-tax Act. The decision underscored the principle of taxing real income and supported the assessee's method of accounting, which taxes interest upon actual receipt rather than accrual. en-us Tue, 23 Jan 2007 00:00:00 +0530 Wed, 07 Feb 2024 11:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13365 The HC dismissed the appeals, ruling in favor of the assessee. It held that interest on securities should be taxed only on specified dates when due for payment, not on an accrual basis. The court emphasized the importance of consistency in accounting methods, aligning with the third proviso to section 145(1) of the Income-tax Act. The decision underscored the principle of taxing real income and supported the assessee's method of accounting, which taxes interest upon actual receipt rather than accrual. Case-Laws Income Tax Tue, 23 Jan 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13365