https://www.taxtmi.com/caselaws?id=182985 A regularly employed and consistently accepted method of accounting must be used for income computation unless the revenue can show on proper grounds that true income cannot be deduced from it. The mere possibility that another method would yield more tax is insufficient. On the facts, the appellate authorities found that the assessee's accounts disclosed the year's profits and there was no justification for rejecting them simply because interest was recognised on settlement of accounts. The proviso to Section 13 of the Indian Income-tax Act, 1922 was therefore not properly applicable, and the estimated interest additions were not justified. en-us Wed, 28 Aug 1963 00:00:00 +0530 Wed, 25 May 2016 16:24:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=182985 A regularly employed and consistently accepted method of accounting must be used for income computation unless the revenue can show on proper grounds that true income cannot be deduced from it. The mere possibility that another method would yield more tax is insufficient. On the facts, the appellate authorities found that the assessee's accounts disclosed the year's profits and there was no justification for rejecting them simply because interest was recognised on settlement of accounts. The proviso to Section 13 of the Indian Income-tax Act, 1922 was therefore not properly applicable, and the estimated interest additions were not justified. Case-Laws Income Tax Wed, 28 Aug 1963 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=182985