2013 (3) TMI 830 - HC - Income Tax

Summary

Issues involved: Appeal by revenue for assessment year 2004-05 regarding exclusion of accrued but not received interest from total income of assessee company.

Summary:

Issue 1: Exclusion of accrued interest from total income
In this appeal, the High Court considered whether the Tribunal was correct in excluding the amount of interest of Rs. 44,16,08,111/- which had accrued but not fallen due or received from the total income of the assessee company for the assessment year 2004-05. The counsel for both parties acknowledged that the issue was already decided in favor of the respondent-assessee in a previous case. Referring to the decision in Income Tax Appeal No.1621 of 2011, the Court found no reason to entertain the present appeal and dismissed it without any order as to costs.

Conclusion:
The High Court upheld the decision to exclude the accrued but not received interest from the total income of the assessee company for the assessment year 2004-05 based on the precedent set in a previous case.