https://www.taxtmi.com/caselaws?id=432978 The High Court ruled in favor of the appellant, State Bank of India, determining that income from interest on securities should be computed on a due basis rather than an accrual basis. The Court relied on precedents from the Bombay High Court and the Supreme Court, emphasizing that interest income only accrues on the specified date in the instrument or agreement. The appellant's appeal was allowed, resolving the substantial questions of law in their favor and resulting in the closure of related pending petitions without costs. en-us Wed, 04 Jan 2023 00:00:00 +0530 Tue, 17 Jan 2023 12:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432978 The High Court ruled in favor of the appellant, State Bank of India, determining that income from interest on securities should be computed on a due basis rather than an accrual basis. The Court relied on precedents from the Bombay High Court and the Supreme Court, emphasizing that interest income only accrues on the specified date in the instrument or agreement. The appellant's appeal was allowed, resolving the substantial questions of law in their favor and resulting in the closure of related pending petitions without costs. Case-Laws Income Tax Wed, 04 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432978