https://www.taxtmi.com/caselaws?id=58684 The Tribunal held that the interest on advances made by the assessee to Devang Exports Pvt. Ltd. was not taxable as it did not accrue, considering the substantial losses of Devang Exports and the provision for doubtful debts. The financial status of Devang Exports and the provision for doubtful debts justified the assessee's decision not to charge interest. The Tribunal ordered the deletion of the interest amount from the assessee's income, emphasizing that the accrual of interest must be real and practical based on the actual financial circumstances. en-us Mon, 13 Sep 1993 00:00:00 +0530 Tue, 21 Dec 2010 15:32:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58684 The Tribunal held that the interest on advances made by the assessee to Devang Exports Pvt. Ltd. was not taxable as it did not accrue, considering the substantial losses of Devang Exports and the provision for doubtful debts. The financial status of Devang Exports and the provision for doubtful debts justified the assessee's decision not to charge interest. The Tribunal ordered the deletion of the interest amount from the assessee's income, emphasizing that the accrual of interest must be real and practical based on the actual financial circumstances. Case-Laws Income Tax Mon, 13 Sep 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58684