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2013 (9) TMI 523 - AT - Income TaxAddition of Income Interest Accrued - Whether or not the assessee had a right to receive interest - Held that:- No income by way of interest on security deposit with MPEB, as accrued to the assessee in all the assessment years under consideration - Relying upon CIT vs. A. Gajapathy Naidu [1964 (4) TMI 6 - SUPREME Court] - the profit was to be included and could not be related back to earlier year during which the assessee actually supplied - It was also held that if the assessee followed mercantile system of accounting it is to be seen as to when the right to receive, accrued. The income is assessable in the year in which the right to receive accrued. - Decided in favor of assessee.
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