Penalty in respect of accrued interest on kvp
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 December 2013
Can any one given me caselaw name where penalty was saved when accrued interests on KVP was offered on cash basis.
02 January 2014
Use Section 145 of the Income Tax Act, which clearly provides that Income chargeable under the head "Income from other sources" shall be computed in accordance with either cash or mercantile system of accounting regularly employed by the assessee.
Accordingly the assessee is free to adopt cas basis for interest on KVP and penalty CANNOT be levied.
Accordingly the assessee is free to adopt cas basis for interest on KVP and penalty CANNOT be levied.
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 January 2014
Thank a lot.Can u provide any caselaw on the subject
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