Thursday, December 15, 2016

Change in method of accounting isn't permissible in middle of FY

The High Court of Punjab and Haryana held that change in system of accounting in midst of financial year is not permitted; hence income tax officer was justified in refusing to permit assessee to switch over system of accounting from cash to mercantile system during midst of financial year.
Munjal Sales Corpn. v. Commissioner of Income-tax, Central, Ludhiana. [2016] 75 taxmann.com 170

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