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2002 (8) TMI 30 - HC - Income TaxInterest on Securities - "1. Whether, on the facts and circumstances of the case, the Appellate Tribunal is right in law that the interest on debentures issued by companies other than local authority, company or corporation established by a Central, State or Provincial Act is not liable to be computed as income under the head 'Interest on securities' ? - 2. Whether interest on debentures in all circumstances is liable to be considered income only when received by the assessee and not when it becomes due?" - our answer to question No. 2 is that since the assessees were adopting the cash system of accounting, interest on debentures of ASE Ltd. and Repropack (P.) Ltd., is liable to be considered as income only when received by the assessees and not when it was due for payment by the respective companies.
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