https://www.taxtmi.com/caselaws?id=408410 The Tribunal ruled in favor of the assessee, a company engaged in warehouse renting, regarding the addition of interest income from a defunct bank in the assessment year 2013-14. Despite the Revenue's argument for inclusion based on the accrual concept of income, the Tribunal considered the impossibility of realizing the interest income due to the bank's defunct status and the uncertainty surrounding its recovery. Emphasizing the real income theory and accrual concept, the Tribunal held that the interest income of &8377;26,125 should not be included in the total income for that assessment year. The appeal was allowed, and the addition was deleted. en-us Tue, 11 May 2021 00:00:00 +0530 Thu, 10 Jun 2021 08:41:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408410 The Tribunal ruled in favor of the assessee, a company engaged in warehouse renting, regarding the addition of interest income from a defunct bank in the assessment year 2013-14. Despite the Revenue's argument for inclusion based on the accrual concept of income, the Tribunal considered the impossibility of realizing the interest income due to the bank's defunct status and the uncertainty surrounding its recovery. Emphasizing the real income theory and accrual concept, the Tribunal held that the interest income of &8377;26,125 should not be included in the total income for that assessment year. The appeal was allowed, and the addition was deleted. Case-Laws Income Tax Tue, 11 May 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408410