Profit in the business of development - method of determining ...

Assessing Officer Must Correct Unrecognized Profit Calculation Methods Using Standard Accounting Practices for Accurate Income Assessment.

April 3, 2021

Case Laws Income Tax AT

Profit in the business of development - method of determining the profit - Merely because assessee had followed an unrecognised method to compute taxable income in the immediately preceding and succeeding assessment year, cannot be an estoppel under the statute to correct the mistake that has crept in. - AO was duty-bound to correct the method of computation of income by adhering to either of recognised accounting standards. - AT

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Profit in the business of development - method of determining ...

Assessing Officer Must Correct Unrecognized Profit Calculation Methods Using Standard Accounting Practices for Accurate Income Assessment.

April 3, 2021

Case Laws Income Tax AT

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