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2019 (1) TMI 1474 - KERALA HIGH COURTInterest receivable on gold loan - “constructive receipts” of the interest amount - Held that:- Amount represents interest collected by the Company on take over of the business of the firm. Further, it is stated that the Company had taken over from the firm an amount of ₹ 66,09,167/- as interest receivable, which was later collected and handed over to the firm by the Company. Hence the duplication is not in the Assessing Officer having made the addition, but in the Company having received the payments in the course of the year in addition to the consideration. We have our own doubts about the interest credited to the P&L account and the interest receivable, collected and handed over to the firm by the Company; whether they are one and the same. This is essentially a question of fact and the assessing officer will examine whether there was a duplication in so far as the addition made. We hence refuse to answer the questions of law for reason of there existing a warrant for further examination of the figures as revealed from the P&L Account. We remand the matter for verification of this single aspect.
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