https://www.taxtmi.com/caselaws?id=254713 The Tribunal ruled in favor of the assessee, a partnership firm in the profession of Chartered Accountancy, determining that they consistently followed the mercantile system of accounting. The Tribunal emphasized proper income recognition and rejected the addition of expenses payable under the cash system premise. The judgment focused on establishing the accounting method, assessing expense allowability, and determining income based on the chosen system, ultimately upholding the assessee's appeal and emphasizing the correct recognition of income. en-us Fri, 21 Nov 2014 00:00:00 +0530 Mon, 29 Dec 2014 21:16:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=254713 The Tribunal ruled in favor of the assessee, a partnership firm in the profession of Chartered Accountancy, determining that they consistently followed the mercantile system of accounting. The Tribunal emphasized proper income recognition and rejected the addition of expenses payable under the cash system premise. The judgment focused on establishing the accounting method, assessing expense allowability, and determining income based on the chosen system, ultimately upholding the assessee's appeal and emphasizing the correct recognition of income. Case-Laws Income Tax Fri, 21 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=254713