{"id":16099,"date":"2021-03-28T11:33:47","date_gmt":"2021-03-28T06:03:47","guid":{"rendered":"https:\/\/itatonline.org\/digest\/karur-vysya-bank-ltd-v-add-cit-2020-196-dtr-168-2021-276-taxman-463-318-ctr-94-mad-hc\/"},"modified":"2021-03-28T11:33:47","modified_gmt":"2021-03-28T06:03:47","slug":"karur-vysya-bank-ltd-v-add-cit-2020-196-dtr-168-2021-276-taxman-463-318-ctr-94-mad-hc","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/karur-vysya-bank-ltd-v-add-cit-2020-196-dtr-168-2021-276-taxman-463-318-ctr-94-mad-hc\/","title":{"rendered":"Karur Vysya Bank Ltd. v. Add.CIT( 2020) 196 DTR 168 \/ (2021) 276 Taxman 463 \/ 318 CTR 94 (Mad.)(HC)"},"content":{"rendered":"<p>Assessee has excluded\u00a0 interest income\u00a0 received in advance, on discounting of bills against letter of credit , while filing the return of income . The AO assessed as income of the relevant year which was affirmed by the Tribunal . On appeal to\u00a0 the Court allowing the appeal of the assessee the Court\u00a0 held that\u00a0 income received in advance in nature of interest income on discounting of bills against letter of credit was to be subjected to taxation on accrual basis and not on receipt basis. (AY. 2003-04)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 5 : Scope of total income \u2013 Accrual of income \u2013 Advance on discounting of bills \u2013 Method of accounting \u2013 Not taxable as income of the relevant year [ S. 4, 145 ] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-16099","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-4bF","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/16099","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=16099"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/16099\/revisions"}],"predecessor-version":[{"id":16100,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/16099\/revisions\/16100"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=16099"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=16099"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=16099"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}