TMI BlogIncome accrued or received by assessee - overdue interest income - Under mercantile system, interest...Income accrued or received by assessee - overdue interest income - Under mercantile system, interest income accrues with the time. In such cases, interest charged and debited to account as income as recognized under the accrual system but in cash system it is not so. In the present case, it is an overdue interest and it is not collectable from the Financial Year 1996-97 and as a prudent businessman, following AS 9 issued by ICAI the assessee has not recognized the said income. In the present cas..... ..... X X X X Extracts X X X X X X X X Extracts X X X X
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