https://www.taxtmi.com/caselaws?id=34969 The appeal filed by the Revenue was dismissed as the Division Bench upheld the Tribunal's decision regarding the treatment of overdue charges. The Court emphasized that recognizing income from overdue charges was challenging as they were contingent on parties defaulting on payments. The change in the accounting method to a cash basis was deemed permissible and did not result in tax evasion. Therefore, the Division Bench affirmed that the assessee's method of accounting for overdue charges was justified, leading to the dismissal of the Revenue's appeal. en-us Mon, 02 Nov 2009 00:00:00 +0530 Wed, 10 Mar 2010 10:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=34969 The appeal filed by the Revenue was dismissed as the Division Bench upheld the Tribunal's decision regarding the treatment of overdue charges. The Court emphasized that recognizing income from overdue charges was challenging as they were contingent on parties defaulting on payments. The change in the accounting method to a cash basis was deemed permissible and did not result in tax evasion. Therefore, the Division Bench affirmed that the assessee's method of accounting for overdue charges was justified, leading to the dismissal of the Revenue's appeal. Case-Laws Income Tax Mon, 02 Nov 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=34969