1976 (5) TMI 28

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....this asst. yr. 1972-73 he had got renewal of pronotes executed earlier. That is, the debtors did not pay the interest on moneys initially taken under the original promissory notes. They only executed fresh promissory notes with interest added to the original principal. Such interest so added for these promissory notes was Rs. 13,850. There is no dispute about those facts. 2. In the relevant ass....

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....missory notes can be taken as the income of the assessee for this year. The finding of the AAC that it is not correct to say that the assessee maintains his accounts on cash basis is beside the point. The assessment is made only on receipt basis and not an accrual basis. So the only question is whether the constructive receipt can be taken into consideration as income of the assessee or money rece....