https://www.taxtmi.com/caselaws?id=374309 The High Court examined the restoration of interest receivable in a gold loan account as income for Assessment Year 2005-06. It upheld the constructive receipt of interest when the buyer agreed to compensate the assessee, despite doubts on figures and potential duplication. The Court emphasized the need for accurate accounting under the cash system, highlighting discrepancies and the necessity for further examination by the assessing officer. The case was remanded for clarification on interest treatment and compliance with agreement conditions and accounting practices, stressing the importance of resolving discrepancies for tax purposes. en-us Wed, 16 Jan 2019 00:00:00 +0530 Wed, 30 Jan 2019 08:20:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=374309 The High Court examined the restoration of interest receivable in a gold loan account as income for Assessment Year 2005-06. It upheld the constructive receipt of interest when the buyer agreed to compensate the assessee, despite doubts on figures and potential duplication. The Court emphasized the need for accurate accounting under the cash system, highlighting discrepancies and the necessity for further examination by the assessing officer. The case was remanded for clarification on interest treatment and compliance with agreement conditions and accounting practices, stressing the importance of resolving discrepancies for tax purposes. Case-Laws Income Tax Wed, 16 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=374309