https://www.taxtmi.com/caselaws?id=33669 The court upheld the assessee's change in accounting method for income under "additional finance charges," allowing a hybrid system for income tax purposes while maintaining a mercantile basis for company law compliance. The Tribunal justified the change based on past rulings and lack of actual loss to the Revenue. Additionally, the court supported the assessee's shift to a cash basis for overdue charges, emphasizing that the change did not create income but recognized it. The court dismissed the Revenue's appeal on issues related to written down value and contingent deposits, finding them irrelevant. en-us Tue, 17 Jul 2007 00:00:00 +0530 Thu, 04 Jun 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=33669 The court upheld the assessee's change in accounting method for income under "additional finance charges," allowing a hybrid system for income tax purposes while maintaining a mercantile basis for company law compliance. The Tribunal justified the change based on past rulings and lack of actual loss to the Revenue. Additionally, the court supported the assessee's shift to a cash basis for overdue charges, emphasizing that the change did not create income but recognized it. The court dismissed the Revenue's appeal on issues related to written down value and contingent deposits, finding them irrelevant. Case-Laws Income Tax Tue, 17 Jul 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=33669