https://www.taxtmi.com/caselaws?id=368396 The Tribunal upheld the addition of interest accrued on outstanding amounts and advances to customers for Assessment Years 2004-05 & 2005-06 in the case involving M/s. Vasu Chits. The assessee's argument that interest should be recognized only upon repayment was rejected in favor of the mercantile system of accounting. The decisions emphasized the importance of adhering to accounting principles and providing supporting evidence to challenge the Assessing Officer's findings, ultimately leading to the dismissal of the appeals. en-us Fri, 05 Oct 2018 00:00:00 +0530 Mon, 08 Oct 2018 07:32:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=368396 The Tribunal upheld the addition of interest accrued on outstanding amounts and advances to customers for Assessment Years 2004-05 & 2005-06 in the case involving M/s. Vasu Chits. The assessee's argument that interest should be recognized only upon repayment was rejected in favor of the mercantile system of accounting. The decisions emphasized the importance of adhering to accounting principles and providing supporting evidence to challenge the Assessing Officer's findings, ultimately leading to the dismissal of the appeals. Case-Laws Income Tax Fri, 05 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=368396