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Interest on FD taxable on accrual basis if Assessee follows mercantile system of Accounting
Case Law Details
- Case Name
- DCIT Vs. Delhi Tourism Transporation Corporation Ltd. (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2012-13
- Courts
- All ITAT, ITAT Delhi
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DCIT Vs. Delhi Tourism Transporation Corporation Ltd. (ITAT Delhi)
Interest income on fixed deposits was taxable on accrual basis on following of mercantile system
Conclusion: Addition made by AO on the ground that although assessee had claimed credit for TDS on the interest income from the bank, corresponding interest income was not offered to tax by assessee during the year was justified as assessee was regularly following mercantile system of accounting, interest income in question was liable to be taxed in assessment year in question itself.
Held:
AO made addition on the ground that althou...
