Accrual of income must be factual and not merely contractual

Court : HIGH COURT OF DELHI Citation : COMMISSIONER OF INCOME TAX VERSUS  M/S  VASISTH  CHAY  VYAPAR  LTD. ITA nos. 552/2005 and others dated 29-11-2010 Brief  : ITAT was right in law and on merits by deleting the additions of income made as interest earned/ acquired on the loan advanced to M/s Shaw Wallace by considering the interest as doubtful and unrealizable. RE PORTABLE IN THE HIGH COURT OF DELHI AT NEW DELHI ITA 552/2005, ITA 565/2005 ITA 1191/2007, ITA 139/2008 ITA 466/2008, ITA 537/2008 ITA 408/2003 Judgement Reserved on: 05.10.2010 Judgement Delivered on:2...