https://www.taxtmi.com/caselaws?id=37611 A revised return filed after 1 April 1962 can bring the assessment within the Income-tax Act, 1961 where it is not filed in pursuance of a notice under the old Act, because the revised return substitutes the earlier return for assessment purposes. Under the mercantile system, compensation and interest are taxable when the right to receive accrues, not when cash is actually received or recorded in the books; compensation for loss of profits and interest up to the decree accrue on the date of decree, with later interest accruing year by year. The capital-cost reduction issue relating to Rs. 1,11,466 was treated as outside the scope of the assessee's appeal. en-us Wed, 20 Oct 1976 00:00:00 +0530 Wed, 31 Mar 2010 10:09:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37611 A revised return filed after 1 April 1962 can bring the assessment within the Income-tax Act, 1961 where it is not filed in pursuance of a notice under the old Act, because the revised return substitutes the earlier return for assessment purposes. Under the mercantile system, compensation and interest are taxable when the right to receive accrues, not when cash is actually received or recorded in the books; compensation for loss of profits and interest up to the decree accrue on the date of decree, with later interest accruing year by year. The capital-cost reduction issue relating to Rs. 1,11,466 was treated as outside the scope of the assessee's appeal. Case-Laws Income Tax Wed, 20 Oct 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37611