Supreme Court · 1996 INSC 1127 · Decided 30 September 1996
Commissioner of Income Tax, Amritsar v. M/S Shiv Prakash Janak Raj and CO. PVT. LTD.
- Court
- Supreme Court of India
- Citation
- 1996 INSC 1127 · [1996] SUPP. 7 S.C.R. 81
- Case number
- CIVIL APPEAL No. 1906/1979
- Decided
- 30 September 1996
- Bench
- B.P. JEEVAN REDDY, S.C. SEN (2-judge bench)
- Outcome
- Case Partly allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 256(1)
Headnote
Income Tax Act, 1961-Sectiqns 5(1)(b), 36, 37(1) and 145-Accrnal A B of interest-Mercantile System of Accountin15Assessment Years 1968-69, 1969-70, 1970-71 and 1971- 72-Interest bearing loan advanced by assessee Company to firm-Waiver of interest before expiry of Accounting year with C respect to of accounting year for the subsequent three Assessment Years-No entries in accounts of company or firm-Held, for later three years interest had already accrned before waiver and concept of real income cannot be imported so as to whittle down, qualify or def eat the provisions of the statute.
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