https://www.taxtmi.com/caselaws?id=755370 The Meghalaya HC upheld ITAT's decision allowing assessee's appeal regarding hybrid accounting system for interest on debtors. The court ruled that once a revision order u/s 263 was set aside by PCIT and became final, subsequent reassessment orders by AO were invalid. The HC rejected revenue's contention that assessee violated Section 145 by following cash basis for interest on debtors while using mercantile system otherwise. The court held that without challenging the fundamental accounting aspect across different assessment years, revenue cannot alter the position in subsequent years. The tribunal's order was deemed justified without any infirmity. en-us Mon, 08 Jul 2024 00:00:00 +0530 Tue, 26 Nov 2024 15:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755370 The Meghalaya HC upheld ITAT's decision allowing assessee's appeal regarding hybrid accounting system for interest on debtors. The court ruled that once a revision order u/s 263 was set aside by PCIT and became final, subsequent reassessment orders by AO were invalid. The HC rejected revenue's contention that assessee violated Section 145 by following cash basis for interest on debtors while using mercantile system otherwise. The court held that without challenging the fundamental accounting aspect across different assessment years, revenue cannot alter the position in subsequent years. The tribunal's order was deemed justified without any infirmity. Case-Laws Income Tax Mon, 08 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755370