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of <h1>Taxpayer must use consistent cash or mercantile accounting; reassessment allowed if accounts are incomplete or standards not followed</h1> Income from business, profession or other sources is to be computed using either the cash or mercantile accounting system regularly employed by the taxpayer, subject to government-prescribed income computation and disclosure standards for specified classes of taxpayers or income. If the tax officer is dissatisfied with the accounts' correctness or completeness, or the taxpayer has not regularly followed the chosen accounting method, or has failed to compute income in accordance with notified standards, the officer may make an assessment under the procedure applicable where such defects or noncompliance arise.
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