https://www.taxtmi.com/caselaws?id=18244 Interest credited to an Interest Suspense Account for recoverable interest on sticky loans and advances was treated as taxable income because the accrual principle applied. The Bombay High Court held that the case was governed by the Supreme Court precedent relied upon by the Revenue, and that the contrary authority cited by the assessee was distinguishable on materially different facts, including the absence of credited interest and maintenance of accounts on the cash system. The issue was answered in favour of the Revenue, and the assessee was held liable to tax on the amount credited to the suspense account. en-us Fri, 17 Nov 1995 00:00:00 +0530 Tue, 29 Sep 2009 16:27:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18244 Interest credited to an Interest Suspense Account for recoverable interest on sticky loans and advances was treated as taxable income because the accrual principle applied. The Bombay High Court held that the case was governed by the Supreme Court precedent relied upon by the Revenue, and that the contrary authority cited by the assessee was distinguishable on materially different facts, including the absence of credited interest and maintenance of accounts on the cash system. The issue was answered in favour of the Revenue, and the assessee was held liable to tax on the amount credited to the suspense account. Case-Laws Income Tax Fri, 17 Nov 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18244