https://www.taxtmi.com/caselaws?id=35024 The Court ruled in favor of the assessee, allowing the disallowance of interest payment under the finance commission and accrued liability on hire purchase commission. The decision was based on the assessee's adherence to past practices, the mercantile accounting system used, and the lack of valid reasons presented by the Revenue to alter the accounting methods. The Court emphasized the importance of consistency in accounting practices and upheld the assessee's right to follow accepted methods unless they distort profits, in line with Supreme Court directives. en-us Thu, 26 Feb 2009 00:00:00 +0530 Tue, 01 Dec 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35024 The Court ruled in favor of the assessee, allowing the disallowance of interest payment under the finance commission and accrued liability on hire purchase commission. The decision was based on the assessee's adherence to past practices, the mercantile accounting system used, and the lack of valid reasons presented by the Revenue to alter the accounting methods. The Court emphasized the importance of consistency in accounting practices and upheld the assessee's right to follow accepted methods unless they distort profits, in line with Supreme Court directives. Case-Laws Income Tax Thu, 26 Feb 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35024