https://www.taxtmi.com/caselaws?id=174686 The court upheld the Tribunal's decision to not allow the changeover in the accounting system from mercantile to cash. The judgment emphasized the importance of bona fides in changing the accounting method and the consistent application of the chosen method. The court found the assessee's inconsistent application of the accounting method and lack of evidence regarding the debtor's financial status indicated a lack of bona fides. The reference was answered in favor of the revenue, with no order as to costs, and both judges concurred with the judgment. en-us Mon, 29 Jul 1991 00:00:00 +0530 Wed, 14 Oct 2015 16:58:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=174686 The court upheld the Tribunal's decision to not allow the changeover in the accounting system from mercantile to cash. The judgment emphasized the importance of bona fides in changing the accounting method and the consistent application of the chosen method. The court found the assessee's inconsistent application of the accounting method and lack of evidence regarding the debtor's financial status indicated a lack of bona fides. The reference was answered in favor of the revenue, with no order as to costs, and both judges concurred with the judgment. Case-Laws Income Tax Mon, 29 Jul 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=174686