https://www.taxtmi.com/caselaws?id=26891 The High Court held that interest on hire-purchase should be assessed on the accrual basis rather than the realisation basis. The court determined that the assessee followed the accrual or mercantile system of accounting based on the treatment of accrued interest in the books. Relying on precedents and emphasizing the importance of the accounting method over explicit admissions, the court rejected the Tribunal's finding of the realisation basis. The judgment was unanimous, disposing of the reference without costs. en-us Thu, 08 Nov 1984 00:00:00 +0530 Tue, 09 Feb 2010 11:49:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26891 The High Court held that interest on hire-purchase should be assessed on the accrual basis rather than the realisation basis. The court determined that the assessee followed the accrual or mercantile system of accounting based on the treatment of accrued interest in the books. Relying on precedents and emphasizing the importance of the accounting method over explicit admissions, the court rejected the Tribunal's finding of the realisation basis. The judgment was unanimous, disposing of the reference without costs. Case-Laws Income Tax Thu, 08 Nov 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26891