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1 - 8 of 8 (0.65 seconds)Dhakeshwar Prasad Narain Singh vs Commissioner Of Income-Tax, Bihar And ... on 29 March, 1935
The two main methods of accounting are the cash system and the mercantile system. The difference between the two has been clearly brought out by Sir Courtney Terrell C.J. in Dhakeshwar Prasad Narain Singh v. Commissioner of Income-tax and Iqbal Ahmad C.J. in Commissioner of Income-tax v. Shrimati Singari Bai. The relevant passage from the judgment of Iqbal Ahmad C.J. reads as follows :
Commissioner Of Income-Tax vs Shrimati Shingari Bai on 23 February, 1945
The two main methods of accounting are the cash system and the mercantile system. The difference between the two has been clearly brought out by Sir Courtney Terrell C.J. in Dhakeshwar Prasad Narain Singh v. Commissioner of Income-tax and Iqbal Ahmad C.J. in Commissioner of Income-tax v. Shrimati Singari Bai. The relevant passage from the judgment of Iqbal Ahmad C.J. reads as follows :
Keshav Mills Ltd vs Commissioner Of Income-Tax, Bombay on 30 January, 1953
In Keshav Mills Ltd. v. Commissioner of Income-tax the Supreme Court had occasion to deal with the incidents of the two systems of accounting. It said :
A. Gajapathi Naidu vs The Commissioner Of Income-Tax, Madras on 15 March, 1960
In Gajapathi Naidu v. Commissioner of Income-tax the Madras High Court had to consider the implications of an account kept under the mercantile system of accounting. In that case a sum of Rs. 12,447 was received in the accounting year relevant to the assessment year 1951-52. The amount related to the transactions of 1948-49. It was held that the receipt had properly to go into the year of transactions - the accounting year ending March 31, 1949 -that the department had no option in the matter, and that the receipt cannot be included in the assessment for the year 1951-52.
Section 2 in The Coffee Act, 1942 [Entire Act]
Puthutotam Estates (1943) Ltd. vs Agricutural Income-Tax Officer. on 15 April, 1960
In Puthutotam Estates (1943) Ltd. v. Agricultural Income-tax Officer the High Court of Madras came to the conclusion that what happens when coffee is delivered to the Board is nothing else or other than a statutory sale. Rajamannar C.J. said :
Section 34 in The Coffee Act, 1942 [Entire Act]
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