https://www.taxtmi.com/caselaws?id=461725 The HC upheld the addition of bonded warehouse income on an accrual (mercantile) basis, consistent with the assessee's accounting method. It confirmed that income credited on a cash basis could not be taxed twice-once on an accrual basis and again on realization. The AO was directed to ensure that income already taxed on an accrual basis in the relevant year is not subjected to tax again on a cash basis in subsequent years. The appeal was dismissed for lack of merit. en-us Mon, 29 Jul 2024 00:00:00 +0530 Mon, 04 Aug 2025 17:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461725 The HC upheld the addition of bonded warehouse income on an accrual (mercantile) basis, consistent with the assessee's accounting method. It confirmed that income credited on a cash basis could not be taxed twice-once on an accrual basis and again on realization. The AO was directed to ensure that income already taxed on an accrual basis in the relevant year is not subjected to tax again on a cash basis in subsequent years. The appeal was dismissed for lack of merit. Case-Laws Income Tax Mon, 29 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461725