2018 (11) TMI 1557

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....ND SMT. LATHA ANAND For The Respondent : ADVS. SRI. P. K. R. MENON, SR. COUNSEL, GOI (TAXES) AND SRI. JOSE JOSEPH SC FOR INCOME TAX JUDGMENT K. Vinod Chandran, J. The appellant-assessee is a Government owned Company. There were two issues raised in the appeal; one with respect to the addition made of interest receivable from Kerala State Horticultural Corporation (Horticorp) and the other, t....

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.... 3. What assumes significance is that the assessee is following the mercantile system of accounting and the books produced for the purpose of assessment is under that system. The decision taken by the Board as seen from the Notes to the Auditor's Report forming part of the profit and loss account is as below:- "G. CHANGE IN ACCOUNTING POLICY No material change during the year except as f....