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

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