1998 (2) TMI 22

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.... tax case reference at the instance of the assessee and the following question of law has been referred to us by the Appellate Tribunal for the assessment year 1978-79. "Whether, On the facts and circumstances of the case, the Tribunal was right in holding that the accrued interest on hire purchase of machinery on loans and penal interest are liable to be included in the total income, notwithst....

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....s became due during the previous year relevant for the assessment year. Mr. P. B. Sampathkumar, learned counsel for the assessee, submitted that he has raised the plea before the Tribunal on an appeal for some other assessment year that the assessee was maintaining the cash system of accounting and the Tribunal also accepted the case of the assessee for that year and, therefore, the amounts are....