https://www.taxtmi.com/caselaws?id=202625 The High Court held in favor of the assessee, setting aside the Tribunal's order disallowing a deduction claimed for advertisement income accrued but not received in cash. The Court found the Tribunal's conclusion inconsistent with its earlier acceptance of the assessee's hybrid accounting system. The Court determined that the assessee could revert to the hybrid system for income tax purposes after switching to the mercantile system due to the Companies Act amendment. Consequently, the deduction claimed was allowed, and the appeal was successful with costs awarded to the assessee. en-us Mon, 07 Feb 2011 00:00:00 +0530 Mon, 07 Nov 2011 15:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=202625 The High Court held in favor of the assessee, setting aside the Tribunal's order disallowing a deduction claimed for advertisement income accrued but not received in cash. The Court found the Tribunal's conclusion inconsistent with its earlier acceptance of the assessee's hybrid accounting system. The Court determined that the assessee could revert to the hybrid system for income tax purposes after switching to the mercantile system due to the Companies Act amendment. Consequently, the deduction claimed was allowed, and the appeal was successful with costs awarded to the assessee. Case-Laws Income Tax Mon, 07 Feb 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=202625