https://www.taxtmi.com/caselaws?id=353212 The High Court upheld the Tribunal's decision, affirming the application of the mercantile system of accounting and the justification for limiting the addition of the difference in receipt amount. The Court agreed that only the income embedded in the receipts should be taxed, supporting the computation of profit at 1.96% of the differential amount. The appeal was dismissed, finding no legal flaw in the Tribunal's order regarding the determination of taxable income for the assessment year 2011-12. en-us Tue, 12 Dec 2017 00:00:00 +0530 Fri, 29 Dec 2017 08:56:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=353212 The High Court upheld the Tribunal's decision, affirming the application of the mercantile system of accounting and the justification for limiting the addition of the difference in receipt amount. The Court agreed that only the income embedded in the receipts should be taxed, supporting the computation of profit at 1.96% of the differential amount. The appeal was dismissed, finding no legal flaw in the Tribunal's order regarding the determination of taxable income for the assessment year 2011-12. Case-Laws Income Tax Tue, 12 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=353212