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Whether assessee could book its expenses on accrual basis & receipts on actual receipt basis
Case Law Details
- Case Name
- The Commissioner of Income Tax Vs M/s Phool Singh Yadav & Co.,Gurgaon. (Punjab and Hariyana High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Punjab and Haryana HC
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Whether the assessee could book its expenses on accrual basis and receipts on actual receipt basis and not account for work-in progress in the closing stock?
The assessee has followed mercantile system of accountancy in regard to the expenditure incurred during that year and results were declared on actual receipt and this method is constantly followed by the assessee since last so many years, therefore, addition of the amount received in the next year in the month of April should not have been added in the previous year merely on the basis of bills issued and expenditure show...
