1994 (12) TMI 69

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....is court framed the following question for opinion : " Whether, on the facts and in the circumstances of the case, the Tribunal has correctly applied the law and its determination of income is legal and proper and whether it is legally correct to decide that the interest received on account of the provisions of section 244 amounting to Rs. 1,02,180 is assessable for the assessment year 1982-83 ....

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....regular accounts. It was not indicated anywhere as to whether the assessee was maintaining its accounts on cash basis or mercantile basis. The order passed by the appellate authority was set aside and the order passed by the Income-tax Officer was upheld by holding that the Income-tax Officer was justified in assessing the entire interest in the assessment year 1982-83 and it was also held that th....