https://www.taxtmi.com/caselaws?id=64555 A mixed accounting method that recorded receipts on cash basis and expenditure on mercantile basis was held incapable of properly deducing true income under the proviso to section 145(1). The test remained whether the method regularly employed could produce correct profits for the relevant year, and a hybrid system for the same business activity failed that standard on the facts. The use of a similar method in later years did not cure the defect for the year under consideration, so the Revenue's objection succeeded and the assessee's accounting method was rejected for that year. en-us Thu, 15 Apr 1982 00:00:00 +0530 Tue, 08 Feb 2011 15:26:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64555 A mixed accounting method that recorded receipts on cash basis and expenditure on mercantile basis was held incapable of properly deducing true income under the proviso to section 145(1). The test remained whether the method regularly employed could produce correct profits for the relevant year, and a hybrid system for the same business activity failed that standard on the facts. The use of a similar method in later years did not cure the defect for the year under consideration, so the Revenue's objection succeeded and the assessee's accounting method was rejected for that year. Case-Laws Income Tax Thu, 15 Apr 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64555