https://www.taxtmi.com/caselaws?id=335755 The Tribunal allowed the assessee's appeal for statistical purposes, directing a reassessment based on the insurable interest in the goods under transit to determine the correct timing of income recognition. The dispute centered on the correct reversal of sales by the assessee and the transfer of ownership and income recognition upon dispatch of goods, emphasizing the importance of actual delivery for income recognition under the mercantile system of accounting. The Tribunal highlighted the need for clarity on insurable interest to ascertain the appropriate year for assessing income, treating each year as a separate unit of assessment. en-us Tue, 29 Nov 2016 00:00:00 +0530 Thu, 08 Dec 2016 18:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=335755 The Tribunal allowed the assessee's appeal for statistical purposes, directing a reassessment based on the insurable interest in the goods under transit to determine the correct timing of income recognition. The dispute centered on the correct reversal of sales by the assessee and the transfer of ownership and income recognition upon dispatch of goods, emphasizing the importance of actual delivery for income recognition under the mercantile system of accounting. The Tribunal highlighted the need for clarity on insurable interest to ascertain the appropriate year for assessing income, treating each year as a separate unit of assessment. Case-Laws Income Tax Tue, 29 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=335755