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2015 (7) TMI 997 - HC - Income TaxInterest income on securities - whether has to be taxed on the due basis only, instead of accrual basis as per the mercantile system of accounting followed by the assessee? - Tribunal accepting the plea of the assessee that the interest income on the securities has to be taxed on the due basis - Held that:- Tribunal has allowed the assessee's appeal by placing reliance upon the decision of this Court in Commissioner of Income Tax v. Bank of Rajasthan Ltd., reported in (2010 (4) TMI 217 - BOMBAY HIGH COURT) as well as the Special Bench decision of the Tribunal in Deputy Commissioner of Income Tax v. Bank of Bahrain & Kuwait BSC [2011 (1) TMI 1206 - ITAT MUMBAI] - Decided against revenue.
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