2010 (9) TMI 803

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..... questions of law raised in this appeal are as under:   "1. Whether the Appellate Authorities were correct in holding that the assessee was entitled to follow "Completed Contract Method of Accounting" in the construction business, despite the substitution of section 145 with effect from 1-4-1997 by Finance Act, 1995, which contemplates only two methods of accounting i.e., cash or mercantile .....

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..... rding to him, in spite of amendment to section 145 of the Act with effect from 1-4-1997, wherein cash or mercantile system of accounting is contemplated, still the assessee is entitled to follow the method of accounting which he followed earlier to the amendment.   3. According to the learned counsel for the appellant-revenue, though the Assessing Officer made a detailed order taking into co .....

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..... ntitled to 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 rema .....

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