https://www.taxtmi.com/caselaws?id=235883 The Tribunal upheld the Commissioner's order under section 263 of the Income Tax Act for the assessment year 2008-09. The Assessee's appeal challenging the assessment based on accounting methods (Receipt vs. Mercantile) and compliance with section 145A was dismissed. The Tribunal ruled in favor of the Commissioner, requiring the Assessee to recognize income according to the mercantile method and adhere to section 145A's inclusive accounting approach. The decision emphasized the assessing authority's proper application of mind and dismissed the Assessee's objections, ultimately upholding the revisionary order. en-us Thu, 23 May 2013 00:00:00 +0530 Wed, 07 Aug 2013 19:17:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=235883 The Tribunal upheld the Commissioner's order under section 263 of the Income Tax Act for the assessment year 2008-09. The Assessee's appeal challenging the assessment based on accounting methods (Receipt vs. Mercantile) and compliance with section 145A was dismissed. The Tribunal ruled in favor of the Commissioner, requiring the Assessee to recognize income according to the mercantile method and adhere to section 145A's inclusive accounting approach. The decision emphasized the assessing authority's proper application of mind and dismissed the Assessee's objections, ultimately upholding the revisionary order. Case-Laws Income Tax Thu, 23 May 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=235883