1976 (5) TMI 28 - AT - Income Tax

Summary

The Appellate Tribunal ITAT Cochin allowed the appeal of the assessee, a money lender, regarding the inclusion of renewal interest in the assessment. The Tribunal held that in an assessment based on receipt basis, only actual receipts should be considered as income, not constructive receipts like renewal of interest. The amount of Rs. 13,850 was excluded from the assessment. The assessment will be revised accordingly. (Case citation: 1976 (5) TMI 28 - ITAT COCHIN)