https://www.taxtmi.com/caselaws?id=37472 The court affirmed the Income Tax Tribunal's decision that the liability to pay a bonus arose in the assessment year 1966-67, not in 1967-68, based on the mercantile accounting system. The court emphasized the distinction between cash basis and mercantile accounting and ruled that the bonus payment liability was attributable to the previous year relevant to the assessment year 1966-67. The court upheld the Tribunal's decision, dismissing the assessee's arguments and ruling in favor of the department, with costs awarded to the department. en-us Wed, 18 Jul 1979 00:00:00 +0530 Tue, 30 Mar 2010 10:35:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37472 The court affirmed the Income Tax Tribunal's decision that the liability to pay a bonus arose in the assessment year 1966-67, not in 1967-68, based on the mercantile accounting system. The court emphasized the distinction between cash basis and mercantile accounting and ruled that the bonus payment liability was attributable to the previous year relevant to the assessment year 1966-67. The court upheld the Tribunal's decision, dismissing the assessee's arguments and ruling in favor of the department, with costs awarded to the department. Case-Laws Income Tax Wed, 18 Jul 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37472