Court Rules Interest Income from KVP, NSC, and Savings Accounts Taxable Due to Inconsistent Accounting Method by Assessee.

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....Interest income Interest income on KVP, NSC and Savings Bank Account - accrual basis or receipt basis - The claim of the assessee that it is following receipt basis and hence cannot be taxed during the current year, is not accepted for the reason that, no method of accounting is followed by the assessee, who is only a salaried employee. - AT....