https://www.taxtmi.com/caselaws?id=291581 Interest credited in the accounting year was held not assessable as income unless the revenue proved actual receipt or realisation by the assessee during that period. A mere entry of credit, or a presumption drawn from the debtor firm's conduct, was insufficient without clear evidence that the amount had in fact been paid or otherwise received. On the record, there was no direct or presumptive material establishing receipt, and the income-tax authorities could not justify an inference that the assessee had withheld books or that the debt had been discharged. The assessment was therefore unsustainable and the issue was decided in favour of the assessee. en-us Fri, 24 Nov 1933 00:00:00 +0530 Wed, 18 Nov 2020 10:43:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=291581 Interest credited in the accounting year was held not assessable as income unless the revenue proved actual receipt or realisation by the assessee during that period. A mere entry of credit, or a presumption drawn from the debtor firm's conduct, was insufficient without clear evidence that the amount had in fact been paid or otherwise received. On the record, there was no direct or presumptive material establishing receipt, and the income-tax authorities could not justify an inference that the assessee had withheld books or that the debt had been discharged. The assessment was therefore unsustainable and the issue was decided in favour of the assessee. Case-Laws Income Tax Fri, 24 Nov 1933 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=291581