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2013 (10) TMI 1350 - HC - Income TaxDeduction on account of interest on sticky loans - denial of claim being the interest doubtful of recovery and having been credited to suspense account - system of accounting - Held that:- The assessee was following the mercantile system of accountancy wherein any income accruing even though not received was subject to tax. The assessee had not claimed any amount by way of bad debts under the provisions of the Act and in such a situation, the interest accrued thereon also cannot be said to be not arising to the assessee. Moreover, the findings recorded by the Assessing Officer, CIT (A) and the Tribunal have not been shown to be erroneous or perverse in any manner. - Decided against assessee
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