CLAIM ON PARTY WHETHER INCOME OR NO

As per the requirement of AS 9 you must not recognize it as a income as its not sure to be received.and its not normal or regular interest which should be recognized on time basis.

and in income Tax we take profit and gain as per commercial accounting practices & adjustment is made for section 30 TO section 43C.

since its revenue nature of income & should be treated as a incidental to business and have no specific provision under income tax Act.it must be treated as per commercial accounting practices that is AS 9 for this matter.

i might be wrong being a student and learner,let me learn too if i m wrong.

Thanks