https://www.taxtmi.com/caselaws?id=173735 The judgment addressed the interpretation of Section 145 of the Income Tax Act, emphasizing the post-amendment restriction to cash or mercantile accounting systems. It highlighted the importance of adhering to prescribed accounting standards for accurate income computation. Regarding the deductibility of interest on sticky loans, the Tribunal upheld the denial of deduction, emphasizing the taxable nature of income accrual under the mercantile system. Pre-amendment judgments were deemed irrelevant. The appeals were dismissed, affirming the decisions of lower authorities. en-us Thu, 24 Oct 2013 00:00:00 +0530 Thu, 03 Nov 2016 14:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=173735 The judgment addressed the interpretation of Section 145 of the Income Tax Act, emphasizing the post-amendment restriction to cash or mercantile accounting systems. It highlighted the importance of adhering to prescribed accounting standards for accurate income computation. Regarding the deductibility of interest on sticky loans, the Tribunal upheld the denial of deduction, emphasizing the taxable nature of income accrual under the mercantile system. Pre-amendment judgments were deemed irrelevant. The appeals were dismissed, affirming the decisions of lower authorities. Case-Laws Income Tax Thu, 24 Oct 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=173735