https://www.taxtmi.com/caselaws?id=763073 Interest accrued but not due was treated as taxable income on an accrual basis in a dispute over settlement proceedings, and the importance of a reasoned quasi-judicial order was emphasised. The Bombay HC set aside the Settlement Commission's order taxing interest not due as of 31 March for AY 1997-98 because it was contrary to law and lacked reasons, and remitted the matter to the Interim Board for Settlement for fresh decision after hearing the parties. The Supreme Court subsequently dismissed the special leave petition. en-us Mon, 09 Dec 2024 00:00:00 +0530 Wed, 29 Apr 2026 17:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763073 Interest accrued but not due was treated as taxable income on an accrual basis in a dispute over settlement proceedings, and the importance of a reasoned quasi-judicial order was emphasised. The Bombay HC set aside the Settlement Commission's order taxing interest not due as of 31 March for AY 1997-98 because it was contrary to law and lacked reasons, and remitted the matter to the Interim Board for Settlement for fresh decision after hearing the parties. The Supreme Court subsequently dismissed the special leave petition. Case-Laws Income Tax Mon, 09 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763073