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2015 (7) TMI 997 - BOMBAY HIGH COURT

2015 (7) TMI 997 - BOMBAY HIGH COURT - TMI - 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 securities has to be taxed on the due basis - Held that:- Tribunal has allowed the assessee's appeal by placing reliance upon the decision of this Court in Commissioner of Income Tax v. Bank of Rajasthan .....

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learned counsel made a joint request that the 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:- 1. Whether on the facts and circumstances of the case, the Hon. Tribunal was right in law, in accepting the plea of the assessee that the interest income of ₹ 76,12,046/- on the securities has to be .....

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