1994 (12) TMI 69 - HC - Income Tax

Summary

The High Court of Orissa ruled that the interest received by the assessee on account of the provisions of section 244, amounting to Rs. 1,02,180, is assessable for the assessment year 1982-83 under the Income-tax Act, 1961. The Income-tax Officer's assessment was upheld as the assessee was found to be maintaining accounts on a cash basis. The reference application was disposed of accordingly.