2001 (11) TMI 1019 - HC - Income Tax

Summary

The High Court of Madras ruled in favor of the assessee, stating that the method of accounting used by the assessee accurately reflected their income for the assessment year 1982-83. The Assessing Officer's addition to the reported income was deemed unwarranted by the Tribunal and the CIT. The Court upheld the Tribunal's decision that the income properly chargeable to tax was accurately determined through the accounting method employed by the assessee.