Accrual of interest expenditure / income - CIT(A) deleted the ...

Income Tax

July 27, 2023

Accrual of interest expenditure / income - CIT(A) deleted the disallowance u/s 36(1)(iii) - Where there is no certainty of collection, revenue cannot be said to be accrued at all. As per the Mercantile System of Accounting also, which follows accrual method of accounting, where there is no certainty of collection of revenue, income cannot be recognized. AS-9 is for the purpose of accounting for income on mercantile basis only. - AT

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Accrual of interest expenditure / income - CIT(A) deleted the ...

Income Tax

July 27, 2023

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