https://www.taxtmi.com/caselaws?id=275123 Where a statute requires accounts for a management period to be closed and balanced on the appointed day, and no special accounting method is prescribed, normal commercial practice applies. Stock-in-trade must therefore be brought into the accounts to reflect the true commercial position, even if title has vested in the Central Government. On that basis, the stock of coking coal lying in the mine had to be credited to the owner, and extraction expenses could not be recovered without giving effect to that stock. The appeals failed because the accounts had to be recast on a commercial basis. en-us Thu, 23 Aug 1984 00:00:00 +0530 Wed, 19 Sep 2018 15:07:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=275123 Where a statute requires accounts for a management period to be closed and balanced on the appointed day, and no special accounting method is prescribed, normal commercial practice applies. Stock-in-trade must therefore be brought into the accounts to reflect the true commercial position, even if title has vested in the Central Government. On that basis, the stock of coking coal lying in the mine had to be credited to the owner, and extraction expenses could not be recovered without giving effect to that stock. The appeals failed because the accounts had to be recast on a commercial basis. Case-Laws Indian Laws Thu, 23 Aug 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=275123