https://www.taxtmi.com/caselaws?id=36467 HC held that mercantile accounting only fixes timing of tax liability and cannot by itself establish that interest income has in fact materialised. The Tribunal rightly found that crediting accrued interest on illusory outstandings was unrealistic, so the interest did not accrue at year-end despite mercantile accounts. The question was answered in the assessee's favour and the assessee was awarded costs. en-us Thu, 17 Apr 1980 00:00:00 +0530 Sat, 01 Nov 2025 20:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36467 HC held that mercantile accounting only fixes timing of tax liability and cannot by itself establish that interest income has in fact materialised. The Tribunal rightly found that crediting accrued interest on illusory outstandings was unrealistic, so the interest did not accrue at year-end despite mercantile accounts. The question was answered in the assessee's favour and the assessee was awarded costs. Case-Laws Income Tax Thu, 17 Apr 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36467