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High Court corrects concept of system of mercantile accounting misunderstood by Tribunal

October 15, 2020[2020] 120 taxmann.com 161 (Article)
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Why should there be so much of controversy with regard to rightful claim of accrued expenditure or when the amount received as advance is rightfully shown in current liability in books of accounts? Is this because of non-understanding of basics of accounting concept by the Revenue or because of rigid attitude on the part of the Revenue in not allowing such a rightful claim of the assessee
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