https://www.taxtmi.com/caselaws?id=761267 SC dismissed the special leave petition and the application for condonation of delay (delay of 364 days) and declined to issue notice. The HC had held that interest income accrued on government securities and debentures must be taxed on an accrual (mercantile) basis since corresponding expenditure was on that basis; the Settlement Commission failed to articulate reasons for disagreeing with the assessee's submissions. The matter is directed to be sent to the Interim Board for Settlement constituted under s.245AA for resolution of pending applications. en-us Mon, 04 Nov 2024 00:00:00 +0530 Mon, 01 Sep 2025 11:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761267 SC dismissed the special leave petition and the application for condonation of delay (delay of 364 days) and declined to issue notice. The HC had held that interest income accrued on government securities and debentures must be taxed on an accrual (mercantile) basis since corresponding expenditure was on that basis; the Settlement Commission failed to articulate reasons for disagreeing with the assessee's submissions. The matter is directed to be sent to the Interim Board for Settlement constituted under s.245AA for resolution of pending applications. Case-Laws Income Tax Mon, 04 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761267