COMMISSIONER OF INCOME TAX Vs. TAPAS KUMAR SANYAL

JUDGEMENT

(1.) THE Tribunal has referred the following question of law to this Court under S. 256(1) of the IT Act, 1961 :

(2.) THE assessment year involved is 1972-73 for which the previous year ended on 31st March, 1972.

(3.) THE assessee claimed that the entire interest amount was not assessable in the asst. yr. 1972- 73, but should have been spread over. The assessee maintained his account on the basis of mercantile system. The CIT(A) upheld the contention of the assessee and directed the amount of interest to be spread over the various years in respect of which it was calculated to be payable. On further appeal the Tribunal held as follows: