High Court upholds Tribunal decision on accounting method for 1982-83 assessment year

Commissioner of Income-tax Versus S. Kamalahasan

Commissioner of Income-tax Versus S. Kamalahasan - TMI The High Court of Madras ruled in favor of the assessee, stating that the method of accounting used by the assessee accurately reflected their income for the assessment year 1982-83. The Assessing Officer's addition to the reported income was deemed unwarranted by the Tribunal and the CIT. The Court upheld the Tribunal's decision that the income properly chargeable to tax was accurately determined through the accounting method employed by the assessee.