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2009 (7) TMI 43 - HC - Income TaxInterest Income – Assessee claims that interest is not accrued since the load had become irrecoverable - Revenue strongly contended that the debtor company of the assessee was in a strong financial position and had many assets and consequently, the decision of the assessee company not to initiate any legal proceedings was clearly doubtful – Held that the action of AO to make addition on account of mercantile system of accounting and calculating interest on irrecoverable debts is not correct – Decision of Supreme court in Godhra Electricity Co. Ltd. Vs. CIT [2008 TMI - 5588 - SUPREME Court] followed.
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