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2018 (11) TMI 1557 - KERALA HIGH COURTAddition made of interest receivable from Kerala State Horticultural Corporation (Horticorp) - assessee is following the mercantile system of accounting - Held that:- The Board decided no material change during the year, except on two issues one of which is relevant for the consideration in this appeal. The Board had while continuing under the mercantile system, decided to provide no interest accrued on the loan to the Horticorp. Having followed the mercantile system of accounting, a decision of the Board not to show the interest receivable, would not absolve the liability, since under the mercantile system, interest is deemed to have accrued in the previous year to the assessment year.
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