https://www.taxtmi.com/caselaws?id=215091 The Tribunal upheld the assessee's use of the Equated Monthly Instalment (EMI) method for income tax purposes, citing the hire purchase agreement's nature. It also approved the Sum of Digits (SOD) method for financial reporting due to the agreement's structure. The Tribunal deemed it legitimate to employ different accounting methods for tax and financial reporting, emphasizing the consistency and accuracy of the EMI method. The Tribunal dismissed the Revenue's appeals, affirming the assessee's approach and highlighting the method's alignment with the hire purchase agreements and relevant tax regulations. en-us Thu, 28 Jun 2012 00:00:00 +0530 Mon, 23 Jul 2012 11:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215091 The Tribunal upheld the assessee's use of the Equated Monthly Instalment (EMI) method for income tax purposes, citing the hire purchase agreement's nature. It also approved the Sum of Digits (SOD) method for financial reporting due to the agreement's structure. The Tribunal deemed it legitimate to employ different accounting methods for tax and financial reporting, emphasizing the consistency and accuracy of the EMI method. The Tribunal dismissed the Revenue's appeals, affirming the assessee's approach and highlighting the method's alignment with the hire purchase agreements and relevant tax regulations. Case-Laws Income Tax Thu, 28 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215091