https://www.taxtmi.com/caselaws?id=282317 An assessee that has consistently accounted for interest on a loan under the mercantile system cannot unilaterally switch to the cash system for the same transaction in a later year. A change in accounting treatment for a settled item requires mutual consent, and where no such consent is shown, the earlier method continues to govern. The High Court therefore answered the question against the assessee and in favour of the Revenue. en-us Tue, 09 Sep 1997 00:00:00 +0530 Fri, 02 Aug 2019 14:34:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=282317 An assessee that has consistently accounted for interest on a loan under the mercantile system cannot unilaterally switch to the cash system for the same transaction in a later year. A change in accounting treatment for a settled item requires mutual consent, and where no such consent is shown, the earlier method continues to govern. The High Court therefore answered the question against the assessee and in favour of the Revenue. Case-Laws Income Tax Tue, 09 Sep 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=282317