{"id":58291,"date":"2026-01-10T10:31:12","date_gmt":"2026-01-10T05:01:12","guid":{"rendered":"https:\/\/itatonline.org\/digest\/indusind-bank-ltd-v-itsc-2024-169-taxmann-com-588-bom-hc\/"},"modified":"2026-01-10T10:31:12","modified_gmt":"2026-01-10T05:01:12","slug":"indusind-bank-ltd-v-itsc-2024-169-taxmann-com-588-bom-hc","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/indusind-bank-ltd-v-itsc-2024-169-taxmann-com-588-bom-hc\/","title":{"rendered":"Indusind Bank Ltd v. ITSC [2024] 169 taxmann.com 588 (Bom.) (HC)"},"content":{"rendered":"<p>The assessee, a bank following the mercantile system of accounting, challenged an order of the Settlement Commission which had confirmed the taxation of interest on Government securities on a day\u2011to\u2011day accrual basis. The High Court, quashing the said order, held that the right to receive interest on such securities vests, and consequently income accrues under section 5, only on the specific due dates mentioned in the securities and not on a day-to-day basis. The Court observed that a vested right to receive interest on a future date does not constitute an accrual on any prior date. Further, the Commission&#8217;s order was also set aside for violating the principles of natural justice as it was an unreasoned order, merely concurring with the revenue\u2019s view without providing any independent reasoning. Matter remanded to the\u00a0 Interim Boards for Settlement<strong>. <\/strong>\u00a0(AY. 1997\u201198)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 245AA : Interim Boards for Settlement-Scope of total income-Accrual of income-Interest on Government securities-Mercantile system-Right to receive interest on Government securities vests only on due date stipulated therein and not on a day\u2011to\u2011day basis-Order of Settlement Commission set aside for being contrary to law and for violation of principles of natural justice-Matter remanded to the  Interim Boards for Settlement. [S. 5145,245AA 245C, 245D, Art. 226]<\/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-58291","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-fab","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/58291","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=58291"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/58291\/revisions"}],"predecessor-version":[{"id":58292,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/58291\/revisions\/58292"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=58291"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=58291"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=58291"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}