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2007 (11) TMI 270 - HIGH COURT PUNJAB AND HARYANARevenue pleaded that ITAT is not right in holding that the assessee was justified in declaring its income from interest on FDRs on a cash basis when the evidence clearly show that it has been accounted on a mercantile basis - Once it has been held that the assessee has been regularly following the cash system of accounting for the interest income earned from the bank, there is no room left for HC to entitle revenue to compel the assessee to follow the mercantile system of accounting
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