9911796707
TMI Blog1979 (4) TMI 47X X X X Extracts X X X X X X X X Extracts X X X X ..... on the facts and in the circumstances of the case, the AAC was not justified in deleting the addition of Rs. 74,359 being interest on loan due from M/s. Tejpal Jamunadas. 3. That the order of the AAC may be set aside and that of the ITO restored to the extent stated above." 2. The facts giving rise to the present appeal before us are that ITO while framing the assessment in the case of the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... solvency, the assessee did not think it desirable to account for accrued interest for the asst. yr. 1973-74 and for the assessment. year. now under appeal.(1974-75) 3. The ITO brought to tax accrued interest during the asst. yr. 1973-74 as also during the asst. year. now under appeal. 4. On appeal, the AAC deleted the addition of Rs. 74,359 agreeing with the contentions of the learned counse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts accounts and in that view of the matter, the ITO was not justified to bring it to tax on mere presumptuous accrual basis. The order of the AAC on this point in the circumstances of the case calls for no interference and the same is, therefore, affirmed." 6. The facts, the parties, the reasonings of the ITO and the AAC as also contentions raised by the Revenue and the assessee in both the yea ..... X X X X Extracts X X X X X X X X Extracts X X X X
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