https://www.taxtmi.com/caselaws?id=59747 The ITAT ruled in favor of the assessee, holding that the interest income from M/s. Cochin Tin Factory for the assessment years 1983-84 and 1984-85 should not be taxed in the assessee's hands due to the absence of credited interest. The additions made by the ITO were deemed unjustified as the assessee did not acquire the right to receive the interest income. The consistent accounting method and lack of written agreements supported the decision to delete the additions, and the alternate contention for a lower interest rate was irrelevant after the primary issue was resolved in favor of the assessee. en-us Fri, 15 May 1987 00:00:00 +0530 Fri, 31 Dec 2010 18:43:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59747 The ITAT ruled in favor of the assessee, holding that the interest income from M/s. Cochin Tin Factory for the assessment years 1983-84 and 1984-85 should not be taxed in the assessee's hands due to the absence of credited interest. The additions made by the ITO were deemed unjustified as the assessee did not acquire the right to receive the interest income. The consistent accounting method and lack of written agreements supported the decision to delete the additions, and the alternate contention for a lower interest rate was irrelevant after the primary issue was resolved in favor of the assessee. Case-Laws Income Tax Fri, 15 May 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59747