Personal income tax on interest from bonds becomes assessable when the said interest is paid, or when credited on -or debited from- an account. Consequently, a taxpayer whose account has been credited with interest from bonds may not claim for a deduction on the amount credited to his account and corresponding to the portion of accrued interest from bonds that was paid at the date of their purchase. This has been confirmed by the Lyon Administrative Tribunal by a judgment dated December 22, 1994.

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