https://www.taxtmi.com/caselaws?id=30070 The court upheld the addition of interest on accrual basis under the Income-tax Act, ruling in favor of the Revenue. It emphasized that the decision to waive off interest must precede its accrual to be valid for tax purposes, following the principles of real income and adherence to tax provisions. The court referenced precedents like CIT v. Shoorji Vallabhdas and Co. to establish that income must actually accrue to be taxable, even if not received, and highlighted the importance of considering the reality of income accrual in taxation matters. en-us Thu, 10 Jan 2008 00:00:00 +0530 Mon, 25 Aug 2008 16:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=30070 The court upheld the addition of interest on accrual basis under the Income-tax Act, ruling in favor of the Revenue. It emphasized that the decision to waive off interest must precede its accrual to be valid for tax purposes, following the principles of real income and adherence to tax provisions. The court referenced precedents like CIT v. Shoorji Vallabhdas and Co. to establish that income must actually accrue to be taxable, even if not received, and highlighted the importance of considering the reality of income accrual in taxation matters. Case-Laws Income Tax Thu, 10 Jan 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=30070