https://www.taxtmi.com/caselaws?id=37911 The High Court ruled against the assessee, upholding the department's decision to include interest and commission income in the assessee's total income for the assessment year. The Court emphasized the importance of consistency in accounting systems and disregarded the debtor-company's financial status and subsequent correspondence. It concluded that the assessee lacked reasonable justification for changing the accounting system from mercantile to cash basis, reaffirming the principle that altering accounting methods without proper justification may not be accepted for tax purposes. The judgment stressed the necessity of adhering to chosen accounting practices for income recognition. en-us Mon, 02 Jan 1978 00:00:00 +0530 Thu, 01 Apr 2010 16:57:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37911 The High Court ruled against the assessee, upholding the department's decision to include interest and commission income in the assessee's total income for the assessment year. The Court emphasized the importance of consistency in accounting systems and disregarded the debtor-company's financial status and subsequent correspondence. It concluded that the assessee lacked reasonable justification for changing the accounting system from mercantile to cash basis, reaffirming the principle that altering accounting methods without proper justification may not be accepted for tax purposes. The judgment stressed the necessity of adhering to chosen accounting practices for income recognition. Case-Laws Income Tax Mon, 02 Jan 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37911