Wednesday, July 22, 2020

AO couldn’t change method of accounting consistently followed by assessee to determine income on estimate basis

INCOME TAX : where assessee, engaged in construction of flats, was consistently following completed contract method of accounting and said method had been accepted by revenue authorities in past, there was no justification on part of Assessing Officer to change same and to determine income of assessee on estimate basis in assessment year in question

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000195078/ao-couldn’t-change-method-of-accounting-consistently-followed-by-assessee-to-determine-income-on-estimate-basis.aspx

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