Section 145 in The Income Tax Act, 1961 [Entire Act]
section (2), be computed in accordance with either cash or mercantile system of accounting regularly employed by the assessee. (2) The Central Government may notify
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1 - 10 of 15279 (8.28 seconds)Kedarnath Jute Mfg. Co. Ltd vs Commissioner Of Income Tax, Central ... on 17 August, 1971
when sales tax demand is
quantified or finally determined-Where mercantile system of
accounting is adopted amount is deductible when liability
accrues and the time ... business of jute and manufacturing of jute goods. It
followed the mercantile system of accounting.- Before the
Income-tax Officer in connection with the assessment
State Bank Of Travancore vs Commissioner Of Income Tax, Kerala on 8 January, 1986
accounting years 1964, 1965
and 1966, its accounts in mercantile system making entries
and calculating income and loss on accrual basis and adopted
the calendar ... Court. The High Court held:
(a) the assessee was following the mercantile system of
accounting; such interest, therefore, had accrued to the
assessee
The Godhra Electricity Co. Ltd. ... vs The Commissioner Of Income Tax, ... on 3 April, 1997
assessed on the basis of the accounts maintained according
to the mercantile system for the subsequent assessment years
i.e from ... High court has held that the assessee-company was following
the mercantile system of accounting and that even under this
system in order to visit
Kedarnath Jute Manufacturing Co. Ltd. vs Commissioner Of Income-Tax (Central) on 24 August, 1966
previous year ended on the 31st December 1954. It followed the mercantile system of accounting. For the assessment year the assessee revised his return ... accounting was mercantile as pointed by the Supreme Court in Keshao Mills Ltd. v. Commissioner of Income-tax, Bombay . After all mercantile system of accounting
The Commissioner Of Income-Tax, Madras vs A. Krishnaswami Mudaliar And Others on 16 April, 1964
system of ac-
counting and the assessee having adopted the cash system of
,accounting, and the Tribunal having assigned no reasons for
discarding that system ... income the system of accounting regularly employed by the
assessee. But whatever may be the system-whether it is cash
or mercantile-as observed
Commissioner Of Income Tax, Chennai vs M/S Bilahari Investment (P) Ltd on 27 February, 2008
accrual basis as the assessees were following the mercantile system of
accounting. According to the Department, income accrued to the assessees
in the form ... mercantile system of accounting is based on
accrual. Basically, it is a Double Entry System of
accounting. Under the mercantile system of accounting,
profits arising
Commissioner Of Income Tax Bombaycity vs Chunilal V. Mehta And Sons (P) Ltd on 11 August, 1971
mercantile system of accountancy takes note
of "payments due" whereas cash system ,of accountancy
recognises only payments received. Mercantile system of
accountancy ... assessee to adopt either the mercantile system of
accountancy or the cash system of the accountancy and the
system adopted by him would
Union Of India vs M/S Exide Industries Ltd. on 24 April, 2020
computed their profits and
gains of business in accordance with the mercantile system. As
per the mercantile system, income and expenditure are
determined ... because of any legal obligation. But
in view of the mercantile system of accounting followed he
was justified in showing the accrued liability and claiming
Addl. Commissioner Of Income-Tax vs U.P. State Agro Industrial Corporation on 16 September, 1980
mercantile system. Sometimes it so happens that an assessee employs a system of accounting which is neither purely cash nor purely mercantile but a system ... known that the mercantile system of accounting differs substantially from the cash system of book keeping. Under the cash system it is only the actual