https://www.taxtmi.com/caselaws?id=18752 The High Court ruled in favor of the Department, holding that interest, commitment charges, and guarantee commission should be included in the total income of the assessee for the assessment year 1976-77. The Court determined that interest accrued on sticky loans under the mercantile system is taxable income, aligning with previous judicial decisions and interpretations of the Income-tax Act, 1961. The inclusion of these amounts in the total income was supported by legal precedents and established principles, rejecting the assessee's arguments based on its accounting method. en-us Tue, 10 Oct 1995 00:00:00 +0530 Sat, 31 Oct 2009 17:46:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18752 The High Court ruled in favor of the Department, holding that interest, commitment charges, and guarantee commission should be included in the total income of the assessee for the assessment year 1976-77. The Court determined that interest accrued on sticky loans under the mercantile system is taxable income, aligning with previous judicial decisions and interpretations of the Income-tax Act, 1961. The inclusion of these amounts in the total income was supported by legal precedents and established principles, rejecting the assessee's arguments based on its accounting method. Case-Laws Income Tax Tue, 10 Oct 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18752