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2004 (10) TMI 67 - ALLAHABAD HIGH COURTInterest on deposit – accrual – taxability - "Whether Tribunal was correct in law in holding that the interest on the deposit falling to the share of the assessee accrued from year to year and, therefore, the entire interest of Rs. 1,98,238 was not liable to tax in the assessment year 1975-76 only?" - On the findings recorded by the Tribunal, we are of the considered opinion that the interest in question accrued from year to year as the bank has credited the amount of interest in the respective account. In this view of the matter, we answer the question of law referred to us in the affirmative, i.e., in favour of the assessee and against the Revenue.
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