https://www.taxtmi.com/caselaws?id=221285 The case involved a dispute over the interpretation of section 145(1) of the Income Tax Act, 1961, regarding the method of accounting. The Assessing Officer invoked this provision based on low net profit without specific defects in the accounts. The Commissioner of Income Tax (Appeals) Bareilly and the Income Tax Appellate Tribunal, Lucknow, held that section 145(1) should not be applied solely based on low profit disclosure. The Tribunal upheld the Commissioner's decision, emphasizing the need for specific defects in accounting practices before invoking the provision. The Revenue's appeal was dismissed, affirming the correctness of the Commissioner's decision. en-us Tue, 22 Jan 2013 00:00:00 +0530 Fri, 01 Mar 2013 18:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=221285 The case involved a dispute over the interpretation of section 145(1) of the Income Tax Act, 1961, regarding the method of accounting. The Assessing Officer invoked this provision based on low net profit without specific defects in the accounts. The Commissioner of Income Tax (Appeals) Bareilly and the Income Tax Appellate Tribunal, Lucknow, held that section 145(1) should not be applied solely based on low profit disclosure. The Tribunal upheld the Commissioner's decision, emphasizing the need for specific defects in accounting practices before invoking the provision. The Revenue's appeal was dismissed, affirming the correctness of the Commissioner's decision. Case-Laws Income Tax Tue, 22 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=221285