https://www.taxtmi.com/caselaws?id=371214 The High Court upheld the decision of the Income Tax Appellate Tribunal, ruling that under the mercantile system of accounting, interest is deemed accrued in the previous year to the assessment year. The appellant's argument regarding interest receivable from Horticorp was dismissed, as the Board's decision not to show the interest receivable on a certain date did not absolve the liability. The Court found no grounds to interfere with the Tribunal's order and dismissed the appeal without costs. en-us Wed, 14 Nov 2018 00:00:00 +0530 Fri, 30 Nov 2018 07:24:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=371214 The High Court upheld the decision of the Income Tax Appellate Tribunal, ruling that under the mercantile system of accounting, interest is deemed accrued in the previous year to the assessment year. The appellant's argument regarding interest receivable from Horticorp was dismissed, as the Board's decision not to show the interest receivable on a certain date did not absolve the liability. The Court found no grounds to interfere with the Tribunal's order and dismissed the appeal without costs. Case-Laws Income Tax Wed, 14 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=371214