Bombay High Court Allows Assessee's Reference in Income Tax Case - Interest on Sticky Loans Not Taxable on Accrual Basis. Interest Credited to Suspense Accounts by Financial Corporation Does Not Accrue as Income Under Income Tax Act, 1961 Until Actually Realized.
4 Jul 2005The case involved a reference under section 256(1) of the Income Tax Act, 1961, at the instance of the assessee, Maharashtra State Financial Corporati...




