https://www.taxtmi.com/caselaws?id=19157 Interest on income-tax refund under section 244, as quantified under section 240, was held not to be assessable in the year of receipt where the assessee kept mercantile accounts. The court applied the earlier binding ruling on the same issue and treated the method of accounting as determinative of the year of taxability. On the facts found, the Tribunal had accepted the mercantile system, so the interest could not be brought to tax on receipt basis for the assessment year in question, and the issue was decided for the assessee. en-us Mon, 03 Jul 1995 00:00:00 +0530 Wed, 04 Nov 2009 13:21:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19157 Interest on income-tax refund under section 244, as quantified under section 240, was held not to be assessable in the year of receipt where the assessee kept mercantile accounts. The court applied the earlier binding ruling on the same issue and treated the method of accounting as determinative of the year of taxability. On the facts found, the Tribunal had accepted the mercantile system, so the interest could not be brought to tax on receipt basis for the assessment year in question, and the issue was decided for the assessee. Case-Laws Income Tax Mon, 03 Jul 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19157