https://www.taxtmi.com/caselaws?id=205796 The Tribunal upheld the CIT(A)'s decision that the Assessee, a private limited company providing professional services, can be taxed based on the cash system of accounting it consistently followed, rejecting the Revenue's attempt to tax based on the mercantile system. The CIT(A) emphasized the Assessee's right to choose its accounting method under Section 145 of the Income Tax Act, highlighting the principle of consistency in accepting the Assessee's cash-based accounting. The Tribunal dismissed all appeals by the Revenue, affirming the validity of the Assessee's cash basis of accounting. en-us Fri, 09 Sep 2011 00:00:00 +0530 Tue, 26 Apr 2016 14:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=205796 The Tribunal upheld the CIT(A)'s decision that the Assessee, a private limited company providing professional services, can be taxed based on the cash system of accounting it consistently followed, rejecting the Revenue's attempt to tax based on the mercantile system. The CIT(A) emphasized the Assessee's right to choose its accounting method under Section 145 of the Income Tax Act, highlighting the principle of consistency in accepting the Assessee's cash-based accounting. The Tribunal dismissed all appeals by the Revenue, affirming the validity of the Assessee's cash basis of accounting. Case-Laws Income Tax Fri, 09 Sep 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=205796