https://www.taxtmi.com/caselaws?id=263299 The Tribunal's decision was upheld by the High Court in a case involving seized jewellery representing unaccounted income and the rejection of the cash method of accounting in favor of the mercantile method for accrued interest on loans. The court found that the appellants' explanations regarding the ownership of the jewellery were insufficient, upholding the distribution of the jewellery value among the appellants. Additionally, the court agreed that the interest income accrued from the loans should be taxed during the block assessment period, as the appellants failed to demonstrate following the cash method of accounting. The appeals were dismissed, and the revenue's position was affirmed. en-us Fri, 21 Aug 2015 00:00:00 +0530 Sat, 07 Nov 2015 11:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=263299 The Tribunal's decision was upheld by the High Court in a case involving seized jewellery representing unaccounted income and the rejection of the cash method of accounting in favor of the mercantile method for accrued interest on loans. The court found that the appellants' explanations regarding the ownership of the jewellery were insufficient, upholding the distribution of the jewellery value among the appellants. Additionally, the court agreed that the interest income accrued from the loans should be taxed during the block assessment period, as the appellants failed to demonstrate following the cash method of accounting. The appeals were dismissed, and the revenue's position was affirmed. Case-Laws Income Tax Fri, 21 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=263299