https://www.taxtmi.com/caselaws?id=460891 ITAT Mumbai allowed the assessee's appeal regarding addition of accrued interest income. The AO incorrectly held that the assessee was following a prohibited hybrid accounting system under section 145. The tribunal found that the assessee consistently followed cash system for computing Income from Other Sources and mercantile system for books of accounts as required under Companies Act. This was not a hybrid system violation but proper compliance with respective statutory requirements. The addition was deleted. en-us Mon, 04 Mar 2024 00:00:00 +0530 Thu, 27 Feb 2025 18:57:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460891 ITAT Mumbai allowed the assessee's appeal regarding addition of accrued interest income. The AO incorrectly held that the assessee was following a prohibited hybrid accounting system under section 145. The tribunal found that the assessee consistently followed cash system for computing Income from Other Sources and mercantile system for books of accounts as required under Companies Act. This was not a hybrid system violation but proper compliance with respective statutory requirements. The addition was deleted. Case-Laws Income Tax Mon, 04 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460891