https://www.taxtmi.com/caselaws?id=243523 The High Court held that the Tribunal's decision to delete the addition of Rs. 5,37,909 by the assessee was incorrect. The Court found that under the mercantile system of accounting, income accrues based on entitlement, not actual receipt. Therefore, the High Court ruled in favor of the Revenue, setting aside the Tribunal's order and restoring the Assessing Officer's decision. en-us Fri, 18 Oct 2013 00:00:00 +0530 Sat, 21 Feb 2015 17:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=243523 The High Court held that the Tribunal's decision to delete the addition of Rs. 5,37,909 by the assessee was incorrect. The Court found that under the mercantile system of accounting, income accrues based on entitlement, not actual receipt. Therefore, the High Court ruled in favor of the Revenue, setting aside the Tribunal's order and restoring the Assessing Officer's decision. Case-Laws Income Tax Fri, 18 Oct 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=243523