https://www.taxtmi.com/caselaws?id=285374 Where accrued interest on an existing debt was converted into a fresh promissory note and treated in the books as received under the assessee's accounting method, that accounting treatment provided material for the Income Tax Officer to treat the amount as assessable income in the relevant year. The court noted that the real question was not whether another view was possible, but whether the officer had material on which to reach the conclusion he did. On that basis, the sum was upheld as taxable income, and the reference was answered in favour of the Revenue. en-us Mon, 28 Jan 1935 00:00:00 +0530 Thu, 09 Jan 2020 12:35:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285374 Where accrued interest on an existing debt was converted into a fresh promissory note and treated in the books as received under the assessee's accounting method, that accounting treatment provided material for the Income Tax Officer to treat the amount as assessable income in the relevant year. The court noted that the real question was not whether another view was possible, but whether the officer had material on which to reach the conclusion he did. On that basis, the sum was upheld as taxable income, and the reference was answered in favour of the Revenue. Case-Laws Income Tax Mon, 28 Jan 1935 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285374