https://www.taxtmi.com/caselaws?id=39375 Omission of interest income from the return justified reassessment under section 147(a), because the assessee had a primary duty to disclose all income truly and fully and the escapement flowed from that omission rather than from mere error or change of opinion. Under the mercantile system, interest on advance tax accrued only when the assessee acquired an enforceable right to receive it, which arose when the regular assessments were completed. The interest was therefore assessable in assessment year 1957-58 and could not be shifted to earlier years merely because the advance tax had been paid earlier. en-us Tue, 06 May 1975 00:00:00 +0530 Fri, 16 Apr 2010 10:47:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39375 Omission of interest income from the return justified reassessment under section 147(a), because the assessee had a primary duty to disclose all income truly and fully and the escapement flowed from that omission rather than from mere error or change of opinion. Under the mercantile system, interest on advance tax accrued only when the assessee acquired an enforceable right to receive it, which arose when the regular assessments were completed. The interest was therefore assessable in assessment year 1957-58 and could not be shifted to earlier years merely because the advance tax had been paid earlier. Case-Laws Income Tax Tue, 06 May 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39375