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Recording interest on loan on cash basis due to financial distress at end of borrower is justifiable
Case Law Details
- Case Name
- ITO Vs Pallon Shapoorji Mistry ( ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2020-21
- Courts
- All ITAT, ITAT Mumbai
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ITO Vs Pallon Shapoorji Mistry ( ITAT Mumbai)
ITAT Mumbai held that change of method of accounting from mercantile to cash system for recording interest income on loan due to financial distress at the end of borrower is justifiable and legitimate.
Facts- Assessee is an individual and belongs to the promoter family of Shapoorji Pallonji and Co. Pvt. Ltd. (SPCPL) and Roxanna Consultancy Services Pvt. Ltd. (Roxanna). In the course of assessment proceedings, AO on perusal of Form 26AS of the assessee for the year under consideration noted an entry towards interest income of Rs.8,8...
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