profession" be computed in accordance with either cash or
mercantile system of accounting regularly employed by the
Page | 11
ITA No.713/Del/2024 ... 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
appreciate that the Appellant had not
deviated from accrual or mercantile system of accounting being
regularly employed by the Appellant, and had merely, adhered ... view that, as the assessee
company had followed the mercantile system of accounting,
therefore, the amounts were required to be assessed on an accrual
basis
accounting which is followed by the assessee-bank is the
mercantile system of accounting. However, the assessee considers income by
way of interest pertaining ... received. The very fact that the assessee although generally using a
mercantile system of accounting, keeps such interest amounts in a suspense
account and does
accounting which is followed by the assessee-bank is the
mercantile system of accounting. However, the assessee considers income by
way of interest pertaining ... received. The very fact that the assessee although generally using a
mercantile system of accounting, keeps such interest amounts in a suspense
account and does
accounting which is followed by the assessee-bank is the
mercantile system of accounting. However, the assessee considers income by
way of interest pertaining ... received. The very fact that the assessee although generally using a
mercantile system of accounting, keeps such interest amounts in a suspense
account and does
accounting procedures /
policies followed by the Appellant as per the mercantile system of
accounting;
3.2 The CIT(A) has erred in law and on facts ... accounting procedures / policies followed by the Appellant as per
the mercantile system of accounting.
5.2 Without prejudice to the above ground
accounting procedures /
policies followed by the Appellant as per the mercantile system of
accounting;
3.2 The CIT(A) has erred in law and on facts ... accounting procedures / policies followed by the Appellant as per
the mercantile system of accounting.
5.2 Without prejudice to the above ground
mercantile system of
accounting without appreciating the fact that the appellant has
system of accounting for determining its
consistently employed cash system
business income ... head Income
system followed by the
from other sources as determined under the cash system
appellant and that as per the mercantile system of accounting
2574/Mum./2007 and held that,
when the assessee is following mercantile system of
accounting, any changes in foreign currency transaction
should be recognised ... assessee
submitted that, right from the beginning, the assessee is
following mercantile system of accounting, where forex gain
or loss on account of monetary transactions
financial year. The provisions have been made in accordance with the mercantile
system of accounting and are thus allowable as business expenditure under section ... shall be
computed in accordance with either the cash or mercantile system of accounting, regularly
employed by the assessee. The appellant follows the mercantile system
