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2008 (1) TMI 263 - HC - Income TaxInterest on temporary loans to subsidiary companies – assessability - taxability is attracted not only when income was actually received but also when it accrued - decision to waive off loan or interest should be taken on the basis of commercial expediency and should be taken before the end of the accounting year - In this case the decision to waive off the loan was taken at a much later stage i.e. after the income had already accrued - hence interest are assessable on accrual basis
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