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2020 (5) TMI 720 - AT - Income TaxChanging the method of accounting of the company from Project Completion Method to Percentage Completion Method Project - Scope of Accounting Standard - Whether the method of accounting followed consistently and regularly and accepted by the Revenue in earlier year can be disturbed by the A.O? - HELD THAT:- No infirmity in these findings of the ld. CIT(A) - Completion Method is a well recognised and accepted method of accounting. This method is consistently and regularly followed by the assessee since this project was undertaken and the method has been accepted by the department for the Assessment Year 2014-15 in an assessment order passed u/s 143 of the Act. The principle of consistency has to be applied. Nothing needs to be added to the detailed finding of the ld. CIT(A). The case law discussed is appropriate. Thus, we uphold the finding of the ld. CIT(A) and dismiss this appeal of the revenue.
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