https://www.taxtmi.com/caselaws?id=8416 The High Court held that the Tribunal erred in assessing the sum of Rs. 50,000 for the assessment year 1962-63, in a case concerning interest income under the mercantile system of accounting. The court ruled in favor of the assessee, emphasizing the importance of adhering to the chosen method of accounting and ensuring income is assessed in the correct accounting period as per the Income-tax Act provisions. en-us Tue, 07 Jul 1970 00:00:00 +0530 Wed, 15 Apr 2009 09:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8416 The High Court held that the Tribunal erred in assessing the sum of Rs. 50,000 for the assessment year 1962-63, in a case concerning interest income under the mercantile system of accounting. The court ruled in favor of the assessee, emphasizing the importance of adhering to the chosen method of accounting and ensuring income is assessed in the correct accounting period as per the Income-tax Act provisions. Case-Laws Income Tax Tue, 07 Jul 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8416