1989 (3) TMI 73 - HC - Income Tax

Summary

The High Court of Calcutta addressed a question regarding a company's change in accounting method from mercantile to cash system. The Tribunal allowed the change, citing a bonafide reason and directing the Income-tax Officer to impose necessary conditions to prevent double taxation. The Court found no violation of the Companies Act and ruled in favor of the assessee. The judgment was agreed upon by both judges.