https://www.taxtmi.com/caselaws?id=20318 The Appellate Tribunal ruled in favor of the assessee, Messrs. Modest Enterprises Ltd., in a case involving the interpretation of the Income-tax Act, 1961. The Tribunal held that the Income-tax Officer cannot assess income by estimation when interest income has not been actually received in the relevant year. It emphasized the principle of assessing income based on actual receipts and upheld the legitimacy of the assessee's tax planning approach. The addition of Rs. 3,56,025 as interest income was deleted, highlighting the importance of lawful tax planning strategies in income assessment. en-us Mon, 05 Apr 1993 00:00:00 +0530 Fri, 13 Nov 2009 12:43:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20318 The Appellate Tribunal ruled in favor of the assessee, Messrs. Modest Enterprises Ltd., in a case involving the interpretation of the Income-tax Act, 1961. The Tribunal held that the Income-tax Officer cannot assess income by estimation when interest income has not been actually received in the relevant year. It emphasized the principle of assessing income based on actual receipts and upheld the legitimacy of the assessee's tax planning approach. The addition of Rs. 3,56,025 as interest income was deleted, highlighting the importance of lawful tax planning strategies in income assessment. Case-Laws Income Tax Mon, 05 Apr 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20318