TMI BlogAccrual of interest income - Assessee claims that no real income accrued to the company and merely as...Accrual of interest income - Assessee claims that no real income accrued to the company and merely as the assessee is following mercantile system of accounting it does not result in accrual of income from interest when there is no interest in real terms - There is also force in the contention of assessee that in any case, if shortfall in interest is adjusted from principal amount on principle of first appropriation towards interest before applying it to principal -Additions deleted - AT ..... X X X X Extracts X X X X X X X X Extracts X X X X
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