Accrual basis accounting: Income of relevant F.Y. is to be accounted in same F.Y.

Advocate Akhilesh Kumar Sah ACIT vs. Noida Toll Bridge Co. Ltd. (Delhi ITAT) Mercantile based accounting requires income and expenditure of a financial year has to be taken in account in the same, concerned financial year. In ACIT vs. Noida Toll Bridge Co. Ltd. & vice versa [ITA Nos. 5246, 5247, 5248, 5249 and 5286/Del/2012, decided on10.04.2017], the brief facts of the case (relating to above-mentioned topic) as emanating from the order of the Assessing Officer were as follows: “12. On perusal of the balance sheet, it is seen that assessee has shown a sum of Rs.2,00,57,868/- as Adv...