https://www.taxtmi.com/caselaws?id=189188 The High Court ruled in favor of the individual, emphasizing that taxation should align with the individual's accounting system rather than the company's. The Court highlighted that maintaining books of accounts on a cash basis does not necessitate taxing the individual on an accrual basis, especially in the absence of a business or profession. The judgment clarified that individuals have the option to calculate income on a cash basis and file returns accordingly, underscoring the importance of justifying additions to income and considering irrecoverable loan amounts without waiting for company liquidation. en-us Fri, 17 Mar 1989 00:00:00 +0530 Fri, 30 Dec 2016 18:45:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=189188 The High Court ruled in favor of the individual, emphasizing that taxation should align with the individual's accounting system rather than the company's. The Court highlighted that maintaining books of accounts on a cash basis does not necessitate taxing the individual on an accrual basis, especially in the absence of a business or profession. The judgment clarified that individuals have the option to calculate income on a cash basis and file returns accordingly, underscoring the importance of justifying additions to income and considering irrecoverable loan amounts without waiting for company liquidation. Case-Laws Income Tax Fri, 17 Mar 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=189188