https://www.taxtmi.com/caselaws?id=385585 The High Court allowed the Assessee's appeal in the Tax Case Appeal, rejecting the Income Tax Appellate Tribunal's preference for the internal rate return (IRR) method over the Even Spread Method (ESM) for income recognition in hire purchase transactions. The Court upheld the Assessee's consistent use of the EMI method and emphasized that the change to the Sum of Digits (SOD) method did not alter the tax position. Additionally, the High Court remanded the issue of taxability of provision reversals for non-performing assets back to the Assessing Officer for further examination, emphasizing the need for a thorough review of the provisions' tax treatment in previous assessments. en-us Mon, 29 Jul 2019 00:00:00 +0530 Sat, 07 Sep 2019 12:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=385585 The High Court allowed the Assessee's appeal in the Tax Case Appeal, rejecting the Income Tax Appellate Tribunal's preference for the internal rate return (IRR) method over the Even Spread Method (ESM) for income recognition in hire purchase transactions. The Court upheld the Assessee's consistent use of the EMI method and emphasized that the change to the Sum of Digits (SOD) method did not alter the tax position. Additionally, the High Court remanded the issue of taxability of provision reversals for non-performing assets back to the Assessing Officer for further examination, emphasizing the need for a thorough review of the provisions' tax treatment in previous assessments. Case-Laws Income Tax Mon, 29 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=385585