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1990 (8) TMI 1 - SCH - Income TaxBanking Company - Interest on Sticky Loans - whether the interest on sticky advances is income for the assessment year 1968-69 - answer to the question is covered by the majority view of this court in State Bank of Travancore v. CIT - since company follows mercantile system, such income is taxable on accrual basis
The Supreme Court dismissed the appeals regarding whether interest on sticky advances is income for the assessment year 1968-69, citing the majority view in State Bank of Travancore v. CIT [1986] 158 ITR 102. No costs were awarded.
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