https://www.taxtmi.com/caselaws?id=49626 Interest credited in mercantile account books may be treated as income received, or treated as received, in British India where the entries represent amounts legally due and the surrounding circumstances support that characterisation. On that basis, the interest entries in the head office books were taxable under section 4(1) of the Income-tax Act, 1922. The contention that the entries were only book entries was rejected, and a new argument that a person cannot trade with herself was refused because it had not been raised earlier. en-us Fri, 03 Oct 1958 00:00:00 +0530 Fri, 05 Sep 2014 10:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49626 Interest credited in mercantile account books may be treated as income received, or treated as received, in British India where the entries represent amounts legally due and the surrounding circumstances support that characterisation. On that basis, the interest entries in the head office books were taxable under section 4(1) of the Income-tax Act, 1922. The contention that the entries were only book entries was rejected, and a new argument that a person cannot trade with herself was refused because it had not been raised earlier. Case-Laws Income Tax Fri, 03 Oct 1958 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49626