https://www.taxtmi.com/caselaws?id=388984 The tribunal upheld the Assessing Officer's decision to tax the interest income on an accrual basis for the relevant assessment year. It emphasized the importance of adhering to accounting standards and recognizing income based on the accrual method, as mandated by legal precedents and regulations. The appeal of the assessee was dismissed, highlighting the necessity of recognizing income as per the agreement terms and accounting standards, irrespective of subsequent arrangements or actual receipt timing. en-us Tue, 05 Nov 2019 00:00:00 +0530 Thu, 28 Nov 2019 13:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=388984 The tribunal upheld the Assessing Officer's decision to tax the interest income on an accrual basis for the relevant assessment year. It emphasized the importance of adhering to accounting standards and recognizing income based on the accrual method, as mandated by legal precedents and regulations. The appeal of the assessee was dismissed, highlighting the necessity of recognizing income as per the agreement terms and accounting standards, irrespective of subsequent arrangements or actual receipt timing. Case-Laws Income Tax Tue, 05 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=388984