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2008 (1) TMI 195 - HC - Income TaxAssessee, banking Co. – interest on govt. securities - Merely because the assessee has declared it as amount receivable in the course of time, it does not mean that interest on income had in fact accrued to the assessee – only real income is assessable under the Act - Though interest due or receivable is assessable under the mercantile system, since the interest on securities involved in this case, was neither received nor receivable during the previous year, such interest cannot be assessed
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