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2003 (7) TMI 11 - HC - Income TaxAccrual of interest (on amount advanced) - "Whether Tribunal was justified in law in holding that the interest on amount advanced to M/s. Citric India Ltd., Bombay, as per the agreement letter dated July 27, 1965, had accrued to the assessee-company following the mercantile system of accounting?" - Whether income has accrued or not to the assessee depends on the facts of each case. In our considered view when the income of the interest has been taken as accrued and taxed in just the preceding year and there is no change in the facts and circumstances in the year in hand, i.e., 1973-74, we found no infirmity in the order of the Tribunal.
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