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Mercantile system to be followed while computing tax liability under ‘Golden key Scheme’ of ‘Sahara’

December 30, 2017[2017] 88 taxmann.com 258 (Lucknow - Trib.) (TM)/[2018] 168 ITD 1 (Lucknow - Trib.) (TM)/[2018] 192 TTJ 655 (Lucknow - Trib.) (TM)
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IT: Where assessee introduced a Golden Key Scheme for a period of 12 years in terms of which each subscriber was to deposit a sum of Rs. 2500 in one go and assessee company was to handover NSCs worth Rs. 1000 simultaneously and balance amount after expiry of scheme, mercantile system of accounting was to be followed in order to compute taxable income of relevant year

IT: Where assessee appointed agent for collecting subscriptions from its members, since assessee had not bargained for interest on late remittance of subscriptions, revenue authorities were not justified in charging notional interest in hands of assessee due to delayed remittance of collection made by its agent

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