https://www.taxtmi.com/caselaws?id=288760 Regular accounting treatment governed the timing of taxation unless the revenue lawfully displaced it, so losses on New Great Eastern Mill shares and on closure of the Jubbulpore and Katni grain businesses were allowed in the year when the assessee's method treated the transactions as complete. Wheat stock brought into account at actual cost was not to be revalued on an estimated lower market figure, because that would distort real profit or loss and create an artificial earlier loss. Dharmada receipts were includible in income because the alleged fund lacked the attributes of a genuine trust and no enforceable charitable obligation was shown. en-us Wed, 15 Feb 1928 00:00:00 +0530 Wed, 06 Jan 2021 13:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=288760 Regular accounting treatment governed the timing of taxation unless the revenue lawfully displaced it, so losses on New Great Eastern Mill shares and on closure of the Jubbulpore and Katni grain businesses were allowed in the year when the assessee's method treated the transactions as complete. Wheat stock brought into account at actual cost was not to be revalued on an estimated lower market figure, because that would distort real profit or loss and create an artificial earlier loss. Dharmada receipts were includible in income because the alleged fund lacked the attributes of a genuine trust and no enforceable charitable obligation was shown. Case-Laws Income Tax Wed, 15 Feb 1928 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=288760