Deepak Ramlal Wadhawan vs. Assistant Commissioner of Income Tax

Parties Involved

Facts Summary

Deepak Ramlal Wadhawan filed his return of income on 11.03.2015 reporting total income at Rs.29,59,350/-. He earned income from salary, house property, and interest during the year. The assessee is the Executive Vice President of PBA Infrastructure Pvt. Ltd. The Assessing Officer noted that the assessee had shown interest income of Rs.37,28,381/-, which includes interest from PBA Infrastructure Pvt. Ltd. of Rs.35,56,571/-. However, the interest income from PBA Infrastructure Pvt. Ltd. was not received by the assessee. The assessee claimed the interest income as 'income not received' under section 57 of the Income-tax Act, 1961. The Assessing Officer disallowed the claim, and the order was confirmed by the Commissioner of Income Tax (Appeals). The assessee appealed to the Income Tax Appellate Tribunal.…

Legal Issues

• 1. Interest income not received by the assessee and subjected to tax due to difference in method of accounting.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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