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2010 (12) TMI 1054 - HC - Income TaxAccounting Method - Completed contract method for accounting followed by the assessee for his construction business - The respondent/assessee was regularly following the completed contract method and had not given scope for any complaint in any of the earlier years, it was unnecessary for the Assessing Officer to invoke Section 145(3) of the Act - The Tribunal in regard to the decision of this Court in Commissioner of Income-tax vs. N.M.Associates, the assessee did not maintain proper accounts, which apparently persuaded the Assessing Authority to invoke Section 145(3) of the Act, by which, the calculation of annual profits on the basis of receipts was held to be justified - Hence, fully concur with the conclusion of the Tribunal - Thus, the appeal fails and the same is dismissed against of revenue.
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