https://www.taxtmi.com/caselaws?id=59432 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s decision that interest income had not accrued to the assessee. The reversal of accounting entries was deemed justified due to the absence of a legally enforceable right to interest. The corporate veil was not lifted, as the companies were considered independent entities. The decision emphasized that taxability hinges on the legal right to receive income, not solely on accounting entries. en-us Fri, 30 Sep 2005 00:00:00 +0530 Thu, 05 Jul 2012 15:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59432 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s decision that interest income had not accrued to the assessee. The reversal of accounting entries was deemed justified due to the absence of a legally enforceable right to interest. The corporate veil was not lifted, as the companies were considered independent entities. The decision emphasized that taxability hinges on the legal right to receive income, not solely on accounting entries. Case-Laws Income Tax Fri, 30 Sep 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59432