https://www.taxtmi.com/caselaws?id=60501 Business income is to be computed on the method of accounting regularly employed by the assessee, and that method may be displaced only where income cannot properly be deduced from it. On that basis, sticky-loan interest was treated on a cash basis under the bank's consistent hybrid accounting practice. Securities held by the bank were treated as trading stock, and valuation could not be switched in tax computation while the books continued to reflect cost. The text also states that the bad-debt provision deduction under section 36(1)(viia) was independent of actual write-off, subject to exclusion of sticky-loan interest already kept out of the debtors' accounts. en-us Fri, 27 Mar 1998 00:00:00 +0530 Wed, 05 Jan 2011 16:08:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60501 Business income is to be computed on the method of accounting regularly employed by the assessee, and that method may be displaced only where income cannot properly be deduced from it. On that basis, sticky-loan interest was treated on a cash basis under the bank's consistent hybrid accounting practice. Securities held by the bank were treated as trading stock, and valuation could not be switched in tax computation while the books continued to reflect cost. The text also states that the bad-debt provision deduction under section 36(1)(viia) was independent of actual write-off, subject to exclusion of sticky-loan interest already kept out of the debtors' accounts. Case-Laws Income Tax Fri, 27 Mar 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60501