https://www.taxtmi.com/caselaws?id=32691 The Court held that the change in the method of accounting from mercantile to cash basis was bona fide and consistently followed by the assessee. The Court found that the revenue authorities failed to prove any malafide intent in the change, emphasizing that reducing taxable income does not automatically imply tax evasion. As the assessee had consistently applied the new method in subsequent years, the Court ruled in favor of the assessee on all issues, allowing the appeal with no order as to costs. en-us Wed, 12 Mar 2008 00:00:00 +0530 Mon, 20 Jul 2026 17:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=32691 The Court held that the change in the method of accounting from mercantile to cash basis was bona fide and consistently followed by the assessee. The Court found that the revenue authorities failed to prove any malafide intent in the change, emphasizing that reducing taxable income does not automatically imply tax evasion. As the assessee had consistently applied the new method in subsequent years, the Court ruled in favor of the assessee on all issues, allowing the appeal with no order as to costs. Case-Laws Income Tax Wed, 12 Mar 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=32691