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If assessee has no enforceable right to receive interest then there can not be accrual of income
Case Law Details
- Case Name
- ACIT Vs Travancore Titanium Products Ltd. (ITAT cochin)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All ITAT, ITAT Cochin
RELEVANT PARAGRAPH
6. On account of the above difference, the matter has been referred to me. I have heard both sides. The facts recorded in the proposed orders are not in dispute. I entirely agree that unless and until the terms and conditions of advance are known and agreed between the parties or through Government of Kerala, assessee will not acquire any right to receive interest on the advanced loan and no income would accrue by way of interest. This is well settled position. As admittedly, no terms and conditions were settled between the parties, no right accrued to the assessee. For the...
