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2011 (11) TMI 379 - HC - Income TaxMethod of accounting – Mercantile system of accounting generally followed - accounting reimbursement claims in respect of student concession on a cash basis – followed cash system of accounting in subsequent years, same being accepted by the Department – Held that:- A method of accounting adopted by the taxpayer consistently and regularly cannot be discarded by the departmental authorities on the view that he should have adopted a different method of keeping accounts or of valuation. Further, the concept of real income is certainly applicable in judging whether there has been income or not, but, in every case, it must be applied with care and within their recognized limits.- Decided against the Revenue.
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