https://www.taxtmi.com/caselaws?id=28977 The High Court held in favor of the assessee, allowing the company to change its accounting method from the mercantile system to the cash system for interest income. The Court found that the change was regularly employed and not intended for one debtor only. It ruled that the interest accrued but not received during the relevant years was not liable to be included in the assessment. The Court emphasized that once a change in accounting method is regularly followed, the question of bona fides becomes irrelevant. The decision was unanimous with no separate opinions. en-us Fri, 27 Nov 1981 00:00:00 +0530 Fri, 16 Sep 2016 11:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28977 The High Court held in favor of the assessee, allowing the company to change its accounting method from the mercantile system to the cash system for interest income. The Court found that the change was regularly employed and not intended for one debtor only. It ruled that the interest accrued but not received during the relevant years was not liable to be included in the assessment. The Court emphasized that once a change in accounting method is regularly followed, the question of bona fides becomes irrelevant. The decision was unanimous with no separate opinions. Case-Laws Income Tax Fri, 27 Nov 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28977