https://www.taxtmi.com/caselaws?id=34654 The court ruled in favor of the assessee, holding that interest accrued but not due under the mercantile system of accounting should not be treated as income until it becomes due for payment. The court emphasized that income on securities is chargeable only when due, especially if following the cash system of accounting. Changing the method of assessment without valid reasons is unsustainable. The judgment dismissed the appeals, affirming that income should be recognized when due for payment, in line with statutory provisions and established case law principles. en-us Mon, 10 Nov 2008 00:00:00 +0530 Mon, 05 Oct 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=34654 The court ruled in favor of the assessee, holding that interest accrued but not due under the mercantile system of accounting should not be treated as income until it becomes due for payment. The court emphasized that income on securities is chargeable only when due, especially if following the cash system of accounting. Changing the method of assessment without valid reasons is unsustainable. The judgment dismissed the appeals, affirming that income should be recognized when due for payment, in line with statutory provisions and established case law principles. Case-Laws Income Tax Mon, 10 Nov 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=34654