https://www.taxtmi.com/caselaws?id=23926 Interest on compensation from land acquisition was held taxable on actual receipt where the assessee maintained no regular accounts. The court noted divergent views on accrual and receipt, but ruled that no mercantile system can be presumed in the absence of accounts. Accordingly, the relevant year for taxation of the interest component is the year of receipt, not the period over which the interest is said to have accrued. The reference was answered in favour of the assessee on that basis. en-us Wed, 03 May 1989 00:00:00 +0530 Fri, 15 Jan 2010 12:50:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23926 Interest on compensation from land acquisition was held taxable on actual receipt where the assessee maintained no regular accounts. The court noted divergent views on accrual and receipt, but ruled that no mercantile system can be presumed in the absence of accounts. Accordingly, the relevant year for taxation of the interest component is the year of receipt, not the period over which the interest is said to have accrued. The reference was answered in favour of the assessee on that basis. Case-Laws Income Tax Wed, 03 May 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23926