Income Tax Appeal: Subscription Monies Deferred as Income, Taxed Daily Under Mercantile Accounting Method Upheld.

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....Accrual of income - subscription monies received in advance - Addition on account of deferred income - CIT-A deleted the addition - The subscription monies received in advance are treated as deferred income and offered to tax on day to day basis which is correct methodology of revenue recognition under mercantile system of accounting. - AT....