https://www.taxtmi.com/caselaws?id=37234 Interest on advances to a firm was held to have accrued to the partner on the mercantile basis because the right to receive had arisen, the amount was acknowledged as due, and relinquishment came only after accrual. However, the partner's assessing officer could not treat that interest as a separate taxable item in the partner's hands without the requisite allocation from the firm's assessment, since the partner's share of firm income depended on the computation made in the firm's case. The taxability issue was therefore resolved in favour of the assessee on the separate-assessment point. en-us Thu, 21 Dec 1978 00:00:00 +0530 Sat, 27 Mar 2010 15:44:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37234 Interest on advances to a firm was held to have accrued to the partner on the mercantile basis because the right to receive had arisen, the amount was acknowledged as due, and relinquishment came only after accrual. However, the partner's assessing officer could not treat that interest as a separate taxable item in the partner's hands without the requisite allocation from the firm's assessment, since the partner's share of firm income depended on the computation made in the firm's case. The taxability issue was therefore resolved in favour of the assessee on the separate-assessment point. Case-Laws Income Tax Thu, 21 Dec 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37234