1995 (7) TMI 57

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..... umstances of the case, income received by the assessee by way of interest under section 244 of the Income-tax Act, 1961, on refund determined and quantified under section 240 of the said Act was not assessable in the year of receipt ? " The facts indicate, inter alia, that the assessee is a Hindu undivided family. The assessment year involved was 1982-83 and the accounting year ended on October .....

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..... the basis of the mercantile system of accounting. It is brought to our notice that in Jagannathram Gangaram v. CIT [1995] 212 ITR 291, this court had decided that in view of the finding that the assessee was maintaining its accounts on cash basis, the Tribunal was justified in holding that the interest was assessable for the relevant year. Following the ratio of the said decision, we answer th .....

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