https://www.taxtmi.com/caselaws?id=28359 The Supreme Court invalidated the reassessments for the years 1950-51, 1951-52, and 1952-53. Interest on delayed refunds from June 5, 1965, to June 16, 1971, amounting to Rs. 77,844 was spread over the years 1966-67 to 1972-73. The court upheld the accrual basis for assessing interest income, emphasizing that interest accrued should be spread over relevant years to avoid double taxation. The decision was in favor of the assessee, with costs awarded against the Revenue. en-us Wed, 19 Jan 1983 00:00:00 +0530 Sat, 20 Feb 2010 18:40:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28359 The Supreme Court invalidated the reassessments for the years 1950-51, 1951-52, and 1952-53. Interest on delayed refunds from June 5, 1965, to June 16, 1971, amounting to Rs. 77,844 was spread over the years 1966-67 to 1972-73. The court upheld the accrual basis for assessing interest income, emphasizing that interest accrued should be spread over relevant years to avoid double taxation. The decision was in favor of the assessee, with costs awarded against the Revenue. Case-Laws Income Tax Wed, 19 Jan 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28359