Wednesday, 9 December 2015

HC didn't interfere with ITAT's order allowing 'Indusind Bank' to tax interest on receipt basis

IT : Where interest income from security accrued in terms of books of account maintained by assessee, but same was offered to tax on actual receipt, and Tribunal passed detailed order in favour of assessee in earlier year, which it followed in current assessment year also, exercise undertaken by tribunal could not be termed as perverse

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