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2010 (9) TMI 803 - HC - Income TaxCompleted Contract Method of Accounting - claim of the assesses to allow him to continues with the 'Completed Contract Method of Accounting' and the amendment to section 145 of the Act held that, the assessee has to follow one of the method contemplated under section 145 of the Act and not any other method of his choice – Held that:- Tribunal was not justified in concluding that the assessee was entitled was follow the method of 'Completed Contract Method of Accounting' which he followed in the previous years despite the amendment to section 145 of the Act. The Tribunal, apparently, did not take note of the fact that the judgments relied upon by it were prior to the amendment and not subsequent to the amendment. Therefore, the appeal deserve to be allowed and accordingly. The matter is remanded to the Tribunal for consideration in the light of the amendment to section 145 of the Act with effect from 1-4-1997
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