https://www.taxtmi.com/caselaws?id=30763 The court ruled in favor of the appellant, a company owned by the State Government, allowing them to follow the cash system of accounting for interest income. The Tribunal set aside the lower authorities' orders and upheld the appellant's claim, rejecting the Revenue's argument that interest should be considered received based on settlement terms with the bank. The judgment referenced previous cases supporting a hybrid accounting system, emphasizing that a genuine change in accounting method should not disadvantage the assessee. The court found no substantial question of law and affirmed the appellant's right to use the cash system for interest income. en-us Wed, 25 Oct 2006 00:00:00 +0530 Mon, 22 Sep 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=30763 The court ruled in favor of the appellant, a company owned by the State Government, allowing them to follow the cash system of accounting for interest income. The Tribunal set aside the lower authorities' orders and upheld the appellant's claim, rejecting the Revenue's argument that interest should be considered received based on settlement terms with the bank. The judgment referenced previous cases supporting a hybrid accounting system, emphasizing that a genuine change in accounting method should not disadvantage the assessee. The court found no substantial question of law and affirmed the appellant's right to use the cash system for interest income. Case-Laws Income Tax Wed, 25 Oct 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=30763