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
system or systems of accounting was the option of the assessee and it was not open to the Revenue to insist that any particular system ... regular method from mercantile to cash, the Revenue was not in any event entitled to treat the mercantile system as the assessee's regular
well-known systems of accounting, viz., the cash system and the accrual system. The essential elements or characteristics of these two systems of accounting ... systems. It is a dual system or plural system followed for two different items, viz., for certain income to follow the cash
system, for certain
applies before the income accrues. Admittedly, the assessee was following the mercantile system of accounting. Under the said system, it is not the actual receipt ... State Bank of Travancore v. CIT . According to him, under the mercantile system of accounting, the income accrues notionally when it is due to accrue
February, 1950. The assessee which maintained its books of account under mercantile system made no mention of any claim against it by Sri Lachminarayan Jute ... duty of an assessee maintaining accounts on the mercantile system to show all admitted loss to the extent of his admission
bonus on cash system in the past and that in the year under consideration it changed the cash system into mercantile system ... system in respect of payment of bonus up to the assessment year 1970-71. It changed the system in respect of bonus into the mercantile
Admittedly, the assessee maintained its accounts under the mercantile system. The assessee admitted the amount and reflected the same in his accounts. These accounts were ... entitled to reflect the loss in the accounts maintained under the mercantile system as soon he admits the liability.
3.1 According to him, the admission
system of the company.
Resolved that the accounting system of the company be changed with effect from the year 1986 from the existing "Mercantile ... assessee seeks to adopt two different systems of accounting, namely, cash system for the income and mercantile system for the expenditure, cannot deprive the assessee
mercantile and in respect of others mercantile or cash. It was also urged on behalf of the assessee that having chosen a particular system, which ... cash system and the assessee was free to follow in respect of one head cash system and in respect of another mercantile system or vice
Admittedly, the assessee maintained its accounts under the mercantile system. The assessee admitted the amount and reflected the same in his accounts. These accounts were ... entitled to reflect the loss in the accounts maintained under the mercantile system as soon he admits the liability.
3.1 According to him, the admission
