https://www.taxtmi.com/caselaws?id=18751 The High Court ruled against the assessee in a case involving the inclusion of income credited in the suspense interest account for assessment years 1972-73, 1973-74, and 1974-75. The Court held that interest accrued on "sticky" loans under the mercantile system of accounting is taxable income. The Tribunal's decision to remit the issue for further verification was deemed incorrect, and the Court emphasized the importance of adhering to accounting principles for determining tax liabilities. Interest, commitment charges, and guarantee commission were held to be includible in the total income of the assessee, resulting in a judgment against the assessee. en-us Thu, 10 Nov 1994 00:00:00 +0530 Sat, 31 Oct 2009 17:43:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18751 The High Court ruled against the assessee in a case involving the inclusion of income credited in the suspense interest account for assessment years 1972-73, 1973-74, and 1974-75. The Court held that interest accrued on "sticky" loans under the mercantile system of accounting is taxable income. The Tribunal's decision to remit the issue for further verification was deemed incorrect, and the Court emphasized the importance of adhering to accounting principles for determining tax liabilities. Interest, commitment charges, and guarantee commission were held to be includible in the total income of the assessee, resulting in a judgment against the assessee. Case-Laws Income Tax Thu, 10 Nov 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18751