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2009 (7) TMI 89 - GUJARAT HIGH COURTIncome under the head interest of securities u/s section 18(1)(ii) for the AY 1988-89 – Held that - That the interest on debentures bonds issued by all companies, whether or not established by a Central, State or Provincial Act, was liable to be computed as income under the head “Interest on securities” under the provisions of Section 18(1)(ii) of the Income-tax Act for the assessment years under consideration. - Interest on debentures of ASE and R was liable to be considered as income only when received by the assessees and not when it was due for payment by the respective companies
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