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2014 (4) TMI 1253 - HC - Income TaxAccrual of income - interest which had accrued, but not fallen due or received - HELD THAT:- Identical question and with regard to the same assessee, was raised before this Court in Income tax Appeal No.1621/11. That Appeal of the Revenue was dismissed by this Court in M/S. INDUSLAND BANK LTD. [2013 (2) TMI 893 - BOMBAY HIGH COURT] . The Division Bench followed a judgment and order of this Court in BANK OF BAHRAIN & KUWAIT BSC [2013 (2) TMI 725 - BOMBAY HIGH COURT]. Change in Accounting pattern - HELD THAT:- Matter stands concluded by the Hon'ble Supreme Court in the UNITED COMMERCIAL BANK VERSUS COMMISSIONER OF INCOME-TAX [1999 (9) TMI 4 - SUPREME COURT] has held that banks are following a mercantile system of accounting both for book keeping as well as tax purpose. This is a consistent practice and for more than three decades, that has been accepted by the Revenue. The insistence on a different accounting pattern was held not to be justified. Following the judgment of the Supreme Court question (b) also cannot be termed as substantial question of law.
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