https://www.taxtmi.com/caselaws?id=299953 The Tribunal allowed the Revenue's appeal regarding the assessment of accrued interest brought to tax by the Assessing Officer in the hands of the assessees. It was held that interest income could not be presumed to have accrued at 18% solely based on claims made in suits for recovery of advances. The Tribunal emphasized the necessity for a contract for charging interest and the establishment of liability by the Civil Court before concluding that interest had accrued to the assessees. The matter was remitted back to the Assessing Officer for reconsideration in line with the Tribunal's findings. en-us Thu, 28 Aug 2014 00:00:00 +0530 Fri, 07 Jan 2022 08:47:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=299953 The Tribunal allowed the Revenue's appeal regarding the assessment of accrued interest brought to tax by the Assessing Officer in the hands of the assessees. It was held that interest income could not be presumed to have accrued at 18% solely based on claims made in suits for recovery of advances. The Tribunal emphasized the necessity for a contract for charging interest and the establishment of liability by the Civil Court before concluding that interest had accrued to the assessees. The matter was remitted back to the Assessing Officer for reconsideration in line with the Tribunal's findings. Case-Laws Income Tax Thu, 28 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=299953