https://www.taxtmi.com/caselaws?id=35896 The High Court affirmed the Tribunal's decision, holding that interest on the loan to M/s. Associated Industries (Assam) Ltd. must be included in the assessment for the relevant years. The Court ruled that the unilateral change in accounting method by the assessee was impermissible, emphasizing the need to consistently follow the mercantile system. The decision favored the revenue, concluding that maintaining a hybrid accounting system or selectively applying cash accounting to specific transactions was not allowed. en-us Tue, 22 Apr 1980 00:00:00 +0530 Wed, 17 Mar 2010 16:24:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35896 The High Court affirmed the Tribunal's decision, holding that interest on the loan to M/s. Associated Industries (Assam) Ltd. must be included in the assessment for the relevant years. The Court ruled that the unilateral change in accounting method by the assessee was impermissible, emphasizing the need to consistently follow the mercantile system. The decision favored the revenue, concluding that maintaining a hybrid accounting system or selectively applying cash accounting to specific transactions was not allowed. Case-Laws Income Tax Tue, 22 Apr 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35896