1995 (11) TMI 33 - HC - Income Tax

Summary

The High Court of Bombay ruled that the assessee is liable to be taxed on the amount credited to the 'Interest Suspense Account'. The decision of the Supreme Court in State Bank of Travancore v. CIT applies, not the decision of the Bombay High Court in CIT v. Citibank N. A. The question was answered in the negative in favor of the Revenue, with the assessee ordered to pay costs of Rs. 1,000.