2018 (7) TMI 1459 - SCH - Income Tax

Rejecting books of accounts of the assessee - assessee has adapted the Project Completion Method for purpose of accounting of its income from building development activity - Held that - Since the tax effect involved in this matter is below the limit fixed in the Circular No.3/2018 dated 11th July, 2008, we are not inclined to interfere with the impugned order passed by the High Court.

Summary

The Supreme Court of India dismissed the special leave petition as the tax effect was below the limit set in Circular No.3/2018. Delay was condoned and pending applications were disposed of. No representation was made by the respondent.