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1989 (5) TMI 34 - HC - Income TaxExtract: .......ee follows the mercantile system of accounting. In V. Krishnan s case 1980 121 ITR 859 (Mad), a view to the contrary has been taken. We dissent from that view. Accordingly, following our decision and for the reasons recorded therein, we answer both the questions in favour of the Revenue, in the negative. However, there will be no order as to costs.
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