https://www.taxtmi.com/caselaws?id=758853 ITAT Delhi remanded the matter to AO to determine the applicable accounting system for the assessee. The tribunal held that if mercantile system of accounting is established, disallowance of iron purchases cannot be sustained merely because stock was received in the subsequent financial year while payment was made before 31.03.2010. The additions made by CIT(A) regarding iron purchases were partially allowed in favour of the assessee, with the substantive issue restored to AO for fresh consideration after obtaining assessee's response on the accounting system. en-us Fri, 31 May 2024 00:00:00 +0530 Fri, 20 Sep 2024 08:31:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758853 ITAT Delhi remanded the matter to AO to determine the applicable accounting system for the assessee. The tribunal held that if mercantile system of accounting is established, disallowance of iron purchases cannot be sustained merely because stock was received in the subsequent financial year while payment was made before 31.03.2010. The additions made by CIT(A) regarding iron purchases were partially allowed in favour of the assessee, with the substantive issue restored to AO for fresh consideration after obtaining assessee's response on the accounting system. Case-Laws Income Tax Fri, 31 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758853