Interest income can be justified as accrued only when there is certainty of its receipts

Essar Steel Metal Trading Limited Vs DCIT (ITAT Mumabi) ITAT Mumbai held that income can be said to have accrued only when there is certainty of receipts. Accordingly, impugned interest income cannot be said to be accrued as recovery of principal amount is also doubtful. Facts- The assessee is engaged in the business of trading in Steels and holding investments. The assessee had given inter corporate deposits to M/s Essar Steel India Ltd. The assessee did not offer any interest income on the above said deposits in the return of income filed for the year under consideration. The AO noticed from...