2002 (9) TMI 96 - HC - Income Tax

Business Income, Banking Business, Bad Debts, Sticky Loans, Business Expenditure - "Whether, on the facts and circumstances of the case, the assessee was entitled to deduct net interest paid by the assessee for the broken period to persons from whom the assessee bought Dated Government Securities while computing the assessee's business income?" - we find that the assessee's method of accounting does not result in loss of tax/revenue for the Department. That, there was no need to interfere with the method of accounting adopted by the assessee-bank.