TMI Blog2009 (7) TMI 89X X X X Extracts X X X X X X X X Extracts X X X X ..... nder the provisions of Section 18(1)(ii) of the Income-tax Act for the assessment years under consideration. - Interest on debentures of ASE and R was liable to be considered as income only when received by the assessees and not when it was due for payment by the respective companies - 37 of 2000 - - - Dated:- 21-7-2009 - A. L. DAVE and K. A. PUJ, JJ. Mrs. Mauna M. Bhatt for Applicant. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... st on debentures in all circumstances is liable to be considered income only when received by the assessee and not when it becomes due? Similar questions were referred to this Court by the Tribunal in the case of Commissioner of Income-tax Vs. Upnishad Investment P. Ltd., and others , 260 ITR 532. This Court has held in respect of both the questions as under :- "(i) That the interest on d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed as income only when received by the assessees and not when it was due for payment by the respective companies." It is also relevant to note here that the above judgment of this Court was challenged by way of SLP (C) No.4777 of 2004 before the Hon'ble Supreme Court and the said SLP was dismissed, as it appears from 266 ITR 105 (Statutes). Following above judgment of this Court, we answer bo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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