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2008 (4) TMI 305 - HC - Income TaxAssessee had given an intercorporate deposit to M/s. PPL with interest - According to the assessee, the interest amount due for the entire period was not liable to be taxed, even though he was maintaining a mercantile system of accounting, since the income had not accrued to the assessee and the debt was a sticky debt - Tribunal found that not only has the assessee received the entire principal amount over a period of time but it has also received a part of the interest. - there is nothing to suggest that the financial condition of PPL was such that it was unable to pay its debts - Tribunal rightly concluded that income had accrued to the assessee and that the debt was not a sticky debt and liable to tax
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