PR COMMISSIONER OF INCOME TAX vs. THE KANGRA CENTRAL COOPERATIVE BANK LTD

The appeals are dismissed

Bench: HON'BLE MRS. JUSTICE SABINA,HON'BLE MR. JUSTICE SUSHIL KUKREJA

cash or mercantile system of accounting, regularly employed by the assessee. Under the RBI Guidelines and the Indian Companies At, 1956, Banks have to follow the mercantile system of accounting and prepare accounts on accrual basis. The Assessing Officers should ensure that this system is strictly followed by the Banks in respect of all sources of income. Learned counsel

PR COMMISSIONER OF INCOME TAX vs. THE KANGRA CENTRAL COOPERATIVE BANK LTD

The appeals are dismissed