https://www.taxtmi.com/caselaws?id=39210 Interest on enhanced land acquisition compensation accrues for income-tax purposes when it becomes legally payable or enforceable, not by apportionment over the earlier period for which it is calculated. Sections 4 and 5 of the Income-tax Act, 1961 tax income that accrues during the previous year, and the decisive date is when the right to receive the amount crystallises. A mere claim is not accrued income. On the stated facts, the compromise decree dated 9 May 1963 made the entire interest payable, so the full amount was assessable in assessment year 1964-65. en-us Sun, 22 Oct 1972 00:00:00 +0530 Tue, 13 Apr 2010 17:15:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39210 Interest on enhanced land acquisition compensation accrues for income-tax purposes when it becomes legally payable or enforceable, not by apportionment over the earlier period for which it is calculated. Sections 4 and 5 of the Income-tax Act, 1961 tax income that accrues during the previous year, and the decisive date is when the right to receive the amount crystallises. A mere claim is not accrued income. On the stated facts, the compromise decree dated 9 May 1963 made the entire interest payable, so the full amount was assessable in assessment year 1964-65. Case-Laws Income Tax Sun, 22 Oct 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39210