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METHOD OF ACCOUNTING SECTION 145

Income Tax - Return of Income and Assessment Procedure - 19 - Income chargeable under the head profits and gains of business or profession or Income from other sources shall be computed in accordance with either cash or accrual system of accounting regularly employed by the assessee. The assessee can adopt cash system for one business and accrual system for another business. Similarly, the assessee can adopt cash system for one source of income under the head Income from other sources and accrua .....

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the best of his judgment). These standards will not be applicable for maintenance of books of account but shall be relevant for computation of total income and disclosure of information in the return. The Assessing Officer shall make the assessment to the best of his judgment under section 143(3)/ 144/ 147/ 153A as the case may be, i.e., he will make the assessment to the best of his judgment under the section in which assessment proceedings are going on and in which he find that- The accounts .....

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