https://www.taxtmi.com/caselaws?id=66128 The Tribunal held that the Commissioner of Income-tax erred in assuming jurisdiction under section 263 of the Income-tax Act, setting aside assessments for maintaining books on a cash basis instead of accrual basis as per section 209(3) of the Companies Act. The Tribunal ruled that the choice of accounting method lies with the assessee, and the CIT's actions were unjustified. Consequently, the Tribunal allowed the appeals, setting aside the CIT's order and restoring the assessments made by the Assessing Officer for the relevant years. en-us Thu, 18 Oct 2001 00:00:00 +0530 Mon, 21 Feb 2011 16:59:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66128 The Tribunal held that the Commissioner of Income-tax erred in assuming jurisdiction under section 263 of the Income-tax Act, setting aside assessments for maintaining books on a cash basis instead of accrual basis as per section 209(3) of the Companies Act. The Tribunal ruled that the choice of accounting method lies with the assessee, and the CIT's actions were unjustified. Consequently, the Tribunal allowed the appeals, setting aside the CIT's order and restoring the assessments made by the Assessing Officer for the relevant years. Case-Laws Income Tax Thu, 18 Oct 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66128