https://www.taxtmi.com/caselaws?id=37927 In the case, the High Court held that the assessee was not justified in changing the system of accounting from mercantile to cash basis for the assessment year 1964-65. The court reinstated the addition of interest and commission income, emphasizing that the debtor company's financial position was not a significant factor. However, for the assessment years 1965-66 and 1966-67, the court ruled in favor of the assessee's accounting change to cash basis, considering commercial expediency and sound business methods. The court upheld the addition of interest and commission income for 1965-66 but deemed the change in accounting system reasonable for 1966-67 due to the debtor company's actions. en-us Mon, 03 Apr 1978 00:00:00 +0530 Fri, 02 Apr 2010 12:13:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37927 In the case, the High Court held that the assessee was not justified in changing the system of accounting from mercantile to cash basis for the assessment year 1964-65. The court reinstated the addition of interest and commission income, emphasizing that the debtor company's financial position was not a significant factor. However, for the assessment years 1965-66 and 1966-67, the court ruled in favor of the assessee's accounting change to cash basis, considering commercial expediency and sound business methods. The court upheld the addition of interest and commission income for 1965-66 but deemed the change in accounting system reasonable for 1966-67 due to the debtor company's actions. Case-Laws Income Tax Mon, 03 Apr 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37927