Bombay High Court Allows Writ Petition of Bank Against Income Tax Settlement Commission Order — Interest on Government Securities Accrued But Not Received Held Not Taxable Under Section 5 of Income Tax Act, 1961. The court held that under the mercantile system of accounting, interest on securities accrues only on due dates of payment, not on a day-to-day basis, and thus interest not due as on 31st March 1997 is not taxable in that assessment year.
23 Jun 2023The petitioner, Indusind Bank Ltd., a private sector bank, filed its return of income for Assessment Year 1997-98 on 1st December 1997, declaring an i...
