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of <h1>Taxable income must be computed using taxpayer's regular cash or mercantile accounting; tax officer may reassess if standards not followed</h1> Taxable income from business, profession or other sources must be computed using either the cash or mercantile accounting system regularly used by the taxpayer, subject to any centrally notified income computation and disclosure standards for classes of taxpayers or income. The tax officer may make an assessment under the specified assessment provision where the officer is not satisfied with the correctness or completeness of the taxpayer's accounts, where the chosen method of accounting has not been regularly followed, or where income has not been computed in accordance with notified standards.
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