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2008 (3) TMI 296 - HC - Income TaxAssessee had changed the method of accounting from mercantile to cash which resulted in reduction of profits - assessee explained that he was acting as indenting agent/commission agent for textile mills and due to deterioration in the financial position of the textile mills the commission was not being received by the assessee the method of accounting had been changed from mercantile to cash bona fidely – held that bona fide change should be accepted by Income Tax authorities
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