https://www.taxtmi.com/caselaws?id=181817 The High Court upheld the Tribunal's decisions, allowing the deduction of income-tax liability under section 11(1)(a) of the Income-tax Act, 1961, and justifying the change in accounting method from 'mercantile' to 'cash system'. It was ruled that income should be determined on commercial principles, deducting all outgoings, and notional income should not be taxed. The Court emphasized the need for actual income for application or accumulation in the trust's hands. The reference was disposed of in favor of the assessee without costs. en-us Wed, 23 Oct 1985 00:00:00 +0530 Mon, 25 Apr 2016 17:19:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181817 The High Court upheld the Tribunal's decisions, allowing the deduction of income-tax liability under section 11(1)(a) of the Income-tax Act, 1961, and justifying the change in accounting method from 'mercantile' to 'cash system'. It was ruled that income should be determined on commercial principles, deducting all outgoings, and notional income should not be taxed. The Court emphasized the need for actual income for application or accumulation in the trust's hands. The reference was disposed of in favor of the assessee without costs. Case-Laws Income Tax Wed, 23 Oct 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181817