1972 (10) TMI 34

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..... ssee did not include any income from this source in its return. The Income-tax Officer estimated the income from interest on these two loans at Rs. 12,000 for the first year and Rs. 6,000 for the second year and taxed the assessee on interest which had accrued to him, even if it was not received, during the assessment years in question - When assessee follows mercantile system of accounting whethe .....

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..... ch had accrued to him, even if it was not received, during the assessment years in question. The matter ultimately went to the Income-tax Appellate Tribunal. The Tribunal did not record a finding on the point as to whether the system of accounting followed by the assessee was mercantile or cash. Accordingly, this court called for a supplementary statement of the case. The supplementary statement o .....

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