1998 (2) TMI 22

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..... e instance of the assessee and the following question of law has been referred to us by the Appellate Tribunal for the assessment year 1978-79. "Whether, On the facts and circumstances of the case, the Tribunal was right in holding that the accrued interest on hire purchase of machinery on loans and penal interest are liable to be included in the total income, notwithstanding the fact that the d .....

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..... vious year relevant for the assessment year. Mr. P. B. Sampathkumar, learned counsel for the assessee, submitted that he has raised the plea before the Tribunal on an appeal for some other assessment year that the assessee was maintaining the cash system of accounting and the Tribunal also accepted the case of the assessee for that year and, therefore, the amounts are not liable to be included i .....

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..... pinion that the earlier order made in T. C. No. 1102 of 1983, dated February 17, 1998 (Tamil) would apply to the facts Nadu Small Industries Development Corporation Ltd. v. CIT [2000] 242 ITR 122 (Mad) of this case. Hence we answer the question of law referred to us in the affirmative and against the assessee. However, there will be no order as to costs.
Case laws, Decisions, Judgements, Order .....

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