https://www.taxtmi.com/caselaws?id=61443 Interest on enhanced compensation was treated as taxable year by year on accrual basis, not wholly in the year of receipt, following the principle that interest accrues over the period to which it relates and the Supreme Court ruling in Rama Bai. Penalty for delayed filing of the return was not leviable where repeated extension requests were made and not rejected, so the delay was supported by sufficient cause. Penalty for failure to furnish an advance tax estimate was also deleted because the income position was marginal and the disputed interest element was debatable, making penal action unwarranted. en-us Mon, 07 Mar 1994 00:00:00 +0530 Wed, 12 Jan 2011 16:22:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61443 Interest on enhanced compensation was treated as taxable year by year on accrual basis, not wholly in the year of receipt, following the principle that interest accrues over the period to which it relates and the Supreme Court ruling in Rama Bai. Penalty for delayed filing of the return was not leviable where repeated extension requests were made and not rejected, so the delay was supported by sufficient cause. Penalty for failure to furnish an advance tax estimate was also deleted because the income position was marginal and the disputed interest element was debatable, making penal action unwarranted. Case-Laws Income Tax Mon, 07 Mar 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61443