https://www.taxtmi.com/caselaws?id=64490 The Tribunal upheld the Assessing Officer's decision, ruling that the assessee could not maintain two different accounting systems for different purposes. It held that the income must be computed on the mercantile system as regularly employed by the assessee, despite the previous use of cash basis accounting. The appeal was dismissed, emphasizing the comprehensive adoption of the mercantile system for practical purposes following the Companies Act amendment. en-us Thu, 11 Mar 1993 00:00:00 +0530 Tue, 08 Feb 2011 11:44:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64490 The Tribunal upheld the Assessing Officer's decision, ruling that the assessee could not maintain two different accounting systems for different purposes. It held that the income must be computed on the mercantile system as regularly employed by the assessee, despite the previous use of cash basis accounting. The appeal was dismissed, emphasizing the comprehensive adoption of the mercantile system for practical purposes following the Companies Act amendment. Case-Laws Income Tax Thu, 11 Mar 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64490