https://www.taxtmi.com/caselaws?id=70965 The Tribunal held that the Commissioner was not justified in finding the ITO's orders erroneous and prejudicial to revenue for not including interest receivable on a mercantile basis. The Tribunal found that the assessee consistently followed cash basis for interest accounting, which was accepted practice among Birla group companies. The Tribunal also noted that the change in accounting method did not require approval and was valid if consistent. Consequently, the Tribunal vacated the Commissioner's finding and restored the ITO's orders for the relevant assessment years, partially allowing the appeals. en-us Wed, 29 Feb 1984 00:00:00 +0530 Wed, 20 Apr 2011 14:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70965 The Tribunal held that the Commissioner was not justified in finding the ITO's orders erroneous and prejudicial to revenue for not including interest receivable on a mercantile basis. The Tribunal found that the assessee consistently followed cash basis for interest accounting, which was accepted practice among Birla group companies. The Tribunal also noted that the change in accounting method did not require approval and was valid if consistent. Consequently, the Tribunal vacated the Commissioner's finding and restored the ITO's orders for the relevant assessment years, partially allowing the appeals. Case-Laws Income Tax Wed, 29 Feb 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70965