https://www.taxtmi.com/caselaws?id=20887 The High Court of Rajasthan ruled in favor of the Revenue, holding that the interest accrued on a loan advanced to a company should be considered as income for the assessee-company under the mercantile system of accounting. The Court emphasized that income can accrue without immediate receipt if the right to receive it exists, and once income accrues in a year, it should not be included in the total income of other years. The Tribunal's decision that the interest had accrued to the assessee was deemed justified, with no costs awarded in the matter. en-us Tue, 08 Dec 1992 00:00:00 +0530 Tue, 17 Nov 2009 17:43:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20887 The High Court of Rajasthan ruled in favor of the Revenue, holding that the interest accrued on a loan advanced to a company should be considered as income for the assessee-company under the mercantile system of accounting. The Court emphasized that income can accrue without immediate receipt if the right to receive it exists, and once income accrues in a year, it should not be included in the total income of other years. The Tribunal's decision that the interest had accrued to the assessee was deemed justified, with no costs awarded in the matter. Case-Laws Income Tax Tue, 08 Dec 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20887