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2016 (2) TMI 304 - HC - Income TaxAccepted method of accounting - assessment on Best Judgment basis - Held that:- As project completion method is one of the accepted method of accounting and the same was regularly followed by the respondent-assessee in computing it's taxable income. It is for the assessee to choose the method of accounting and employ it regularly. It is not the case of the revenue that the project completion method of accounting is not regularly employed by the assessee. As held by the two authorities, the Assessing Officer has without any reason discarded the project completion method and adopted the percentage completion method of accounting. It is pertinent to note that the Assessing Officer has not rejected the books of account of the respondent-assessee so as to complete the assessment on Best Judgment basis under Section 144 of the Act. Therefore, there is no reason to interfere with the concurrent finding of fact arrived at by the CIT(A) and the Tribunal that no defect has been pointed out by the Assessing Officer to discard the project completion method adopted by the respondent-assessee.
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