https://www.taxtmi.com/caselaws?id=168765 Money-lending profits were to be computed under the method of accounting regularly employed by the assessee, because the statutory rule required profits and gains to follow that regular method unless no proper deduction of profits was possible. The court found that the assessee had consistently used a mixed cash and accrued basis in his accounts, and that this regular practice governed the profit computation even though the accounts were not a full scientific profit and loss account. Unrealised interest was therefore included only because it formed part of the assessee's own regular accounting method, not because unpaid interest was automatically taxable. The reference was answered in favour of assessment on that basis. en-us Sun, 29 Mar 1936 00:00:00 +0530 Wed, 25 Mar 2015 18:21:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=168765 Money-lending profits were to be computed under the method of accounting regularly employed by the assessee, because the statutory rule required profits and gains to follow that regular method unless no proper deduction of profits was possible. The court found that the assessee had consistently used a mixed cash and accrued basis in his accounts, and that this regular practice governed the profit computation even though the accounts were not a full scientific profit and loss account. Unrealised interest was therefore included only because it formed part of the assessee's own regular accounting method, not because unpaid interest was automatically taxable. The reference was answered in favour of assessment on that basis. Case-Laws Income Tax Sun, 29 Mar 1936 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=168765