https://www.taxtmi.com/caselaws?id=766317 ITAT Mumbai upheld assessee's change from mercantile to cash accounting method for interest income taxation. The non-corporate assessee justified the change due to borrowers' financial distress and consistently followed cash basis thereafter. ITAT ruled that subjecting assessee to tax on unreceived interest income was unjustified, as the accounting method change was legitimate and bonafide. CIT(A)'s deletion of AO's addition towards interest income on loans was upheld. Revenue's appeal was dismissed. en-us Fri, 24 Jan 2025 00:00:00 +0530 Sat, 22 Feb 2025 08:30:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766317 ITAT Mumbai upheld assessee's change from mercantile to cash accounting method for interest income taxation. The non-corporate assessee justified the change due to borrowers' financial distress and consistently followed cash basis thereafter. ITAT ruled that subjecting assessee to tax on unreceived interest income was unjustified, as the accounting method change was legitimate and bonafide. CIT(A)'s deletion of AO's addition towards interest income on loans was upheld. Revenue's appeal was dismissed. Case-Laws Income Tax Fri, 24 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766317