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2006 (2) TMI 112 - MADRAS HIGH COURTAccrual of Income - "Whether, Tribunal was justified in concluding that interest at 15 per cent, was accruing on the amount of Rs. 1,08,50,000 due to the assessee by one Sri K.L. Srihari, despite the attachment of the loan under section 226(3) and despite the agreement between the assessee and the debtor that no interest shall be chargeable or payable on the loan from March 1,1985 and that the same was assessable as the assessee's income according to the system of mercantile accounts followed by it?" - "Whether Tribunal was correct in holding that the return filed by the assessee in response to the notice u/s 142(1) was a return filed u/s 139(4) and therefore the provisions applicable for determining time limit for completion of assessment was section 153(1) (b) as amended from April 1, 1989?" - We answer both the questions of law referred to us, against the assessee
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