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Commissioner of Income Tax-2, Mumbai Versus M/s SBI Commercial & International Bank Ltd

2015 (7) TMI 997 - BOMBAY HIGH COURT

Interest income on securities - whether has to be taxed on the due basis only, instead of accrual basis as per the mercantile system of accounting followed by the assessee? - Tribunal accepting the plea of the assessee that the interest income on the .....

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HIGH COURT) as well as the Special Bench decision of the Tribunal in Deputy Commissioner of Income Tax v. Bank of Bahrain & Kuwait BSC [2011 (1) TMI 1206 - ITAT MUMBAI] - Decided against revenue. - Income Tax Appeal (L) No. 517 of 2014 - Dated:- 17-7 .....

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e appeal itself be taken up for admission. 2. The appeal challenges an order dated 18-1-2013, passed by the Income Tax Appellate Tribunal in respect of Assessment Year 2004-05. The questions framed by the revenue for our consideration read as under:- .....

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ual basis as per the mercantile system of accounting followed by the assessee? 2. Whether on facts and circumstances of the case, the Hon. Tribunal was right in law, in accepting the plea of the assessee that the interest income on the securities has .....

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payment. Therefore the disallowance is in conformity with the decisions of the Hon. Apex Court in the case of Vijay Lakshmi Sugar Mills Ltd. vs. CIT (191 ITR 641) (SC), K.R.M.T.T. Thiagaraja Chetty & Co. (24 ITR 525) and Morvi Industries Ltd. vs .....

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