https://www.taxtmi.com/caselaws?id=308379 The court affirmed that the interest amount awarded by the arbitrator is a revenue receipt taxable for the assessment year 1979-80. It was held that the assessee was following the cash system of accounting, making the interest amount received during that period assessable. The court also ruled that deductions for interest paid in previous years are not allowable, but deductions for interest paid during the relevant assessment year are permissible. The decisions on all four issues were upheld in favor of the Revenue and the assessee accordingly. en-us Mon, 07 Mar 1994 00:00:00 +0530 Wed, 21 Jun 2023 12:43:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=308379 The court affirmed that the interest amount awarded by the arbitrator is a revenue receipt taxable for the assessment year 1979-80. It was held that the assessee was following the cash system of accounting, making the interest amount received during that period assessable. The court also ruled that deductions for interest paid in previous years are not allowable, but deductions for interest paid during the relevant assessment year are permissible. The decisions on all four issues were upheld in favor of the Revenue and the assessee accordingly. Case-Laws Income Tax Mon, 07 Mar 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=308379