1986 (5) TMI 56

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..... d certain loan to M/s. Bilas Singh Co. and M/s. Ojha Bros. For the assessment year under consideration the assessee showed interest income of Rs. 5,948 in respect of loan given to M/s. Bilas Singh Co. But from the statement of the loan account of the said concern it appeared that interest of Rs. 43,644 was credited to the account of the assessee with the firm. "Since interest is receivable on .....

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..... sed to tax on the basis of the receipt and not on accrual. So he held that only the amount of Rs. 5,948 actually received by the assessee from M/s. Bilas Singh Co. should be assessed to tax. In respect of interest on the loan given to M/s. Ojha Bros. the AAC accepted the firm's contention that he is liable to be assessed to tax only when he received the interest from the firm. As such he deleted .....

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..... basis he relied on the decision in the case of Juggilal Kamlapat Bankers vs. CIT (1982) 29 CTR (Cal) 8 : (1975) 101 ITR 40 (All) and snow White Food Products Co. Ltd vs. CIT W.B. II (1983) 141 ITR 861 (Cal). 4. We have carefully considered the submission of the authorised representative for the parties and examined the materials on record, fact and circumstances of the case and also the decisio .....

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