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Income Tax - Highlights / Catch Notes

Home Highlights February 2020 Year 2020 This

Change in accounting policy - the change in accounting policy is ...


Audit Objection by CAG Leads to Revenue-Neutral Change in Accounting Policy, Accepted by Assessing Officer.

February 10, 2020

Case Laws     Income Tax     HC

Change in accounting policy - the change in accounting policy is a result of the audit objection raised by CAG. The appellant has claimed deduction in profits in the computation of the total income, and added it as income in the subsequent assessment year, which has been accepted by the AO. The change is, thus, revenue neutral.

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