https://www.taxtmi.com/caselaws?id=13844 The High Court of Delhi addressed the taxability of waived interest income for assessment years 1977-78 and 1978-79 in the case involving Saraswati Insurance Company Limited and its subsidiary. The court ruled in favor of the Revenue, holding that the waived interest income was taxable as it had accrued to the assessee. The decision emphasized the concept of real income and established that income accrues when legally recoverable, regardless of actual receipt. This judgment clarifies the treatment of waived interest income under tax laws, affirming its taxability if it has accrued to the assessee. en-us Thu, 11 Jan 2001 00:00:00 +0530 Fri, 03 Jul 2009 12:27:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13844 The High Court of Delhi addressed the taxability of waived interest income for assessment years 1977-78 and 1978-79 in the case involving Saraswati Insurance Company Limited and its subsidiary. The court ruled in favor of the Revenue, holding that the waived interest income was taxable as it had accrued to the assessee. The decision emphasized the concept of real income and established that income accrues when legally recoverable, regardless of actual receipt. This judgment clarifies the treatment of waived interest income under tax laws, affirming its taxability if it has accrued to the assessee. Case-Laws Income Tax Thu, 11 Jan 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13844