https://www.taxtmi.com/caselaws?id=385687 The Tribunal upheld the disallowance of excess interest credited under the mercantile system due to a discrepancy in accounting methods used by the assessee for interest receipts and payments. The Tribunal dismissed the appeals filed by the assessee against the orders of the Assessing Officer and CIT(A), emphasizing the importance of consistency in accounting methods. The Tribunal found no reason to interfere with the decisions made and upheld the addition to the total income of the assessee, highlighting the inadmissibility of interest payments claimed for family members to reduce tax liability. en-us Fri, 02 Aug 2019 00:00:00 +0530 Thu, 12 Sep 2019 09:51:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=385687 The Tribunal upheld the disallowance of excess interest credited under the mercantile system due to a discrepancy in accounting methods used by the assessee for interest receipts and payments. The Tribunal dismissed the appeals filed by the assessee against the orders of the Assessing Officer and CIT(A), emphasizing the importance of consistency in accounting methods. The Tribunal found no reason to interfere with the decisions made and upheld the addition to the total income of the assessee, highlighting the inadmissibility of interest payments claimed for family members to reduce tax liability. Case-Laws Income Tax Fri, 02 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=385687