https://www.taxtmi.com/caselaws?id=37661 The High Court of ALLAHABAD ruled in a case involving accrued interest income in a money-lending business. The court upheld the Tribunal's decision that the interest relinquished by the debtor company was not based on commercial expediency but rather as a gesture of grace after it had accrued. The court distinguished the case from previous legal precedents, emphasizing the lack of commercial expediency and the timing of the agreement to forgo interest. Ultimately, the court sided with the department, affirming that the interest income had accrued and rejecting the claim of commercial expediency. The Commissioner was awarded costs. en-us Fri, 27 Jan 1978 00:00:00 +0530 Wed, 31 Mar 2010 12:11:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37661 The High Court of ALLAHABAD ruled in a case involving accrued interest income in a money-lending business. The court upheld the Tribunal's decision that the interest relinquished by the debtor company was not based on commercial expediency but rather as a gesture of grace after it had accrued. The court distinguished the case from previous legal precedents, emphasizing the lack of commercial expediency and the timing of the agreement to forgo interest. Ultimately, the court sided with the department, affirming that the interest income had accrued and rejecting the claim of commercial expediency. The Commissioner was awarded costs. Case-Laws Income Tax Fri, 27 Jan 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37661