https://www.taxtmi.com/caselaws?id=59081 The Tribunal held that the assessee's change in the method of accounting for interest income from a mercantile to a cash basis was justified and not malafide. The Commissioner's directive to include interest income was overturned, with the Tribunal ruling in favor of the assessee. The change in accounting method was deemed acceptable, considering the financial difficulties of the subsidiary company and legal precedents allowing such modifications unless malafide intent is proven. The Tribunal found no grounds for levying interest under section 217 of the Income-tax Act, 1961. en-us Fri, 30 Apr 1982 00:00:00 +0530 Thu, 23 Dec 2010 18:17:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59081 The Tribunal held that the assessee's change in the method of accounting for interest income from a mercantile to a cash basis was justified and not malafide. The Commissioner's directive to include interest income was overturned, with the Tribunal ruling in favor of the assessee. The change in accounting method was deemed acceptable, considering the financial difficulties of the subsidiary company and legal precedents allowing such modifications unless malafide intent is proven. The Tribunal found no grounds for levying interest under section 217 of the Income-tax Act, 1961. Case-Laws Income Tax Fri, 30 Apr 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59081