Court : Income Tax Appellate Tribunal ITAT Allahabad
Decided on : Dec-05-1985
Reported in : (1986)16ITD210(All.)
..... (supra). in the case of cosmopolitan trading co. {supra), in one of the years, it was found that the financial position of the debtor had become bad and the assessee acted in response to the call of commercial expediency and sound business methods in changing over to the mercantile system of accounting insofar as the commission and interest receivable were concerned ..... fact there was no agreement even with bhadohi cold storage or carpet traders for charging of any interest and that the charge of interest by the assessee was an unilateral act. he specifically pointed out that no such interest was credited by bhadohi cold storage in its books of account. his second submission was that there was no accrual of interest .....
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