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2008 (7) TMI 387 - HC - Income TaxAccounting – change in the method of accounting – ACIT disapproved a change in the method of accounting effected in the accounting for income and expenditure by way of interest from the mercantile method of accounting which the assessee was following hitherto, to the cash method of accountingthe change in the method of accounting adopted by the assessee is genuine and bonafide – held that - There was no reason for the learned Assistant Commissioner of Income Tax to disapprove the said change and merely on the basis of such disapproval, to make an addition of interest income which, in fact, has not been received by the assessee in the year under consideration
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