https://www.taxtmi.com/caselaws?id=189394 In an income-tax reference, the High Court is not confined to the Commissioner's wording and may identify and decide the real question of law arising from the stated facts. On the accounting issue, where accumulated interest from earlier years is brought into the assessment year's income under the regularly employed method of accounting, the corresponding losses and irrecoverable debts from those earlier years must also be considered to determine true net income. The article treats section 13 as permitting assessment on the basis of the accepted accounting method, so credit entries cannot be isolated from the related debit entries that affect the same income computation. en-us Wed, 20 Feb 1929 00:00:00 +0530 Sat, 07 Jan 2017 16:11:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=189394 In an income-tax reference, the High Court is not confined to the Commissioner's wording and may identify and decide the real question of law arising from the stated facts. On the accounting issue, where accumulated interest from earlier years is brought into the assessment year's income under the regularly employed method of accounting, the corresponding losses and irrecoverable debts from those earlier years must also be considered to determine true net income. The article treats section 13 as permitting assessment on the basis of the accepted accounting method, so credit entries cannot be isolated from the related debit entries that affect the same income computation. Case-Laws Income Tax Wed, 20 Feb 1929 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=189394