Allowing the appeal of the assessee the Court held that, change in accounting method in books of account does not alter position in taxation. The assessee has correctly the offered the interest income on hire charges bifurcating the principal and interest. (ITA No. 158 of 2009 dt. 5-03-2019)
Sundaram Finance Ltd. v. ACIT (2019) 413 ITR 291/ 262 Taxman 477/ (2020) 188 DTR 265 (Mad.)(HC)
S. 145 : Method of accounting -Interest on hire purchase transactions—Bifurcation of principal and interest components -Change in accounting method in books of account does not alter position in taxation. [S. 4]