https://www.taxtmi.com/caselaws?id=38461 The case involved the interpretation of the Income-tax Act, 1961 regarding the accrual of interest income under the mercantile system of accounting and the impact of waiving interest on tax liability. The court ruled in favor of the assessee-company, emphasizing that income from interest had not accrued on the specified date due to the absence of actual payment or a fixed payment date in the loan agreement. The judgment clarified principles governing income accrual under the mercantile system and provided guidance on treating interest income in similar cases. en-us Tue, 27 Sep 1977 00:00:00 +0530 Tue, 06 Apr 2010 13:26:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38461 The case involved the interpretation of the Income-tax Act, 1961 regarding the accrual of interest income under the mercantile system of accounting and the impact of waiving interest on tax liability. The court ruled in favor of the assessee-company, emphasizing that income from interest had not accrued on the specified date due to the absence of actual payment or a fixed payment date in the loan agreement. The judgment clarified principles governing income accrual under the mercantile system and provided guidance on treating interest income in similar cases. Case-Laws Income Tax Tue, 27 Sep 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38461