https://www.taxtmi.com/caselaws?id=58328 The Tribunal allowed the appeal in favor of the assessee, ruling that the interest income accrued due to the change in accounting method should not be taxed in the year under consideration but in the year of actual receipt. The Tribunal emphasized that income must have accrued during the accounting year to be chargeable, and in this case, the income had already accrued in earlier years as per agreements. Therefore, the Tribunal directed the Assessing Officer to modify the assessment, highlighting that the revenue should not have any grievance regarding the treatment of the interest income. en-us Fri, 14 Jan 1994 00:00:00 +0530 Sat, 18 Dec 2010 14:35:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58328 The Tribunal allowed the appeal in favor of the assessee, ruling that the interest income accrued due to the change in accounting method should not be taxed in the year under consideration but in the year of actual receipt. The Tribunal emphasized that income must have accrued during the accounting year to be chargeable, and in this case, the income had already accrued in earlier years as per agreements. Therefore, the Tribunal directed the Assessing Officer to modify the assessment, highlighting that the revenue should not have any grievance regarding the treatment of the interest income. Case-Laws Income Tax Fri, 14 Jan 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58328