Case Explores Income Assessment on Receipt or Accrual Basis for Interest from Discounting Bills Against Letter of Credit.

Assessment of income - receipt basis or accrual basis - income received in advance in the nature of interest income on discounting of bills against letter of credit - if the assessee is not permitted to debit interest related to the period beyond the closing date from the interest received account and credited in the advance account, then it would fall foul of the mercantile system of accounting - HC .....

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