https://www.taxtmi.com/caselaws?id=28745 Interest on a loan to a debtor company was not treated as accruing on the due basis for the relevant year where the company had been taken over and declared a relief undertaking under the West Bengal Relief Undertakings (Special Provisions) Act, 1972. The notification suspended the operation of contracts and the liabilities arising under them, so interest could not be said to continue accruing during that year despite the assessee following the mercantile system. The interest was therefore assessable only on realisation basis for that assessment year. en-us Mon, 13 Dec 1982 00:00:00 +0530 Thu, 25 Feb 2010 13:11:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28745 Interest on a loan to a debtor company was not treated as accruing on the due basis for the relevant year where the company had been taken over and declared a relief undertaking under the West Bengal Relief Undertakings (Special Provisions) Act, 1972. The notification suspended the operation of contracts and the liabilities arising under them, so interest could not be said to continue accruing during that year despite the assessee following the mercantile system. The interest was therefore assessable only on realisation basis for that assessment year. Case-Laws Income Tax Mon, 13 Dec 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28745