https://www.taxtmi.com/caselaws?id=55959 The Appellate Tribunal ITAT Ahmedabad-B ruled in favor of the private limited investment company, the assessee, in a dispute over the taxability of interest on securities under section 18 of the IT Act. The Tribunal held that while interest on securities is generally taxable on an accrual basis, it must be genuinely due to the assessee for taxation. Considering the relief undertaking status of the public limited company issuing the debentures, the Tribunal overturned the addition of Rs. 91,129, emphasizing the importance of the interest being truly due for taxation purposes. en-us Mon, 19 Apr 1993 00:00:00 +0530 Tue, 30 Nov 2010 18:05:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55959 The Appellate Tribunal ITAT Ahmedabad-B ruled in favor of the private limited investment company, the assessee, in a dispute over the taxability of interest on securities under section 18 of the IT Act. The Tribunal held that while interest on securities is generally taxable on an accrual basis, it must be genuinely due to the assessee for taxation. Considering the relief undertaking status of the public limited company issuing the debentures, the Tribunal overturned the addition of Rs. 91,129, emphasizing the importance of the interest being truly due for taxation purposes. Case-Laws Income Tax Mon, 19 Apr 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55959