https://www.taxtmi.com/caselaws?id=60160 Interest on a loan was not taxable on a mere accrual basis where the debtor's financial position had become precarious and recovery of the interest had become doubtful. The Tribunal accepted that, on those facts, the assessee was not required to credit the interest in its accounts as income, because the income had not truly accrued. The addition made on presumptive accrual was therefore not warranted and the deletion of the addition was upheld. en-us Mon, 23 Apr 1979 00:00:00 +0530 Tue, 04 Jan 2011 10:51:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60160 Interest on a loan was not taxable on a mere accrual basis where the debtor's financial position had become precarious and recovery of the interest had become doubtful. The Tribunal accepted that, on those facts, the assessee was not required to credit the interest in its accounts as income, because the income had not truly accrued. The addition made on presumptive accrual was therefore not warranted and the deletion of the addition was upheld. Case-Laws Income Tax Mon, 23 Apr 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60160