https://www.taxtmi.com/caselaws?id=55178 Interest on deferred sale consideration accrues under the mercantile system when the assessee's enforceable right to receive it vests. A later board-approved revision of payment terms did not retrospectively extinguish interest already accrued for the earlier assessment year, so that amount remained taxable. For the subsequent assessment year, the revised arrangement became operative before the relevant previous year ended and provided that interest would start only from 1-7-1979; as no right to receive interest arose during that year, there was no accrual and no taxable income for that period. en-us Fri, 15 Feb 1985 00:00:00 +0530 Wed, 24 Nov 2010 12:47:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55178 Interest on deferred sale consideration accrues under the mercantile system when the assessee's enforceable right to receive it vests. A later board-approved revision of payment terms did not retrospectively extinguish interest already accrued for the earlier assessment year, so that amount remained taxable. For the subsequent assessment year, the revised arrangement became operative before the relevant previous year ended and provided that interest would start only from 1-7-1979; as no right to receive interest arose during that year, there was no accrual and no taxable income for that period. Case-Laws Income Tax Fri, 15 Feb 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55178