https://www.taxtmi.com/caselaws?id=25686 The High Court affirmed the Tribunal's findings that the reduction in hire charges was justified by business considerations and commercial expediency. It upheld the decision that the forgone hire charges were deductible in the assessment year 1971-72, despite the mercantile accounting system. The Court emphasized that forgoing income for business reasons should be considered as related to the relevant accounting year. The Court ruled in favor of the assessee on both issues. en-us Wed, 06 Aug 1986 00:00:00 +0530 Sat, 30 Jan 2010 11:53:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25686 The High Court affirmed the Tribunal's findings that the reduction in hire charges was justified by business considerations and commercial expediency. It upheld the decision that the forgone hire charges were deductible in the assessment year 1971-72, despite the mercantile accounting system. The Court emphasized that forgoing income for business reasons should be considered as related to the relevant accounting year. The Court ruled in favor of the assessee on both issues. Case-Laws Income Tax Wed, 06 Aug 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25686