https://www.taxtmi.com/caselaws?id=13628 The court ruled in favor of the appellant, a private limited company, by affirming the validity of using the AS-7 accounting system for valuing work-in-progress. It set aside the Income-tax Appellate Tribunal's decision, which had rejected the appellant's valuation method, and restored the decision of the Commissioner of Income-tax (Appeals). The court emphasized the taxpayer's right to choose any recognized accounting method, provided it does not distort income calculation, and rejected the Income-tax authority's jurisdiction to impose a specific accounting method. en-us Thu, 16 Nov 2006 00:00:00 +0530 Tue, 13 Feb 2024 16:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13628 The court ruled in favor of the appellant, a private limited company, by affirming the validity of using the AS-7 accounting system for valuing work-in-progress. It set aside the Income-tax Appellate Tribunal's decision, which had rejected the appellant's valuation method, and restored the decision of the Commissioner of Income-tax (Appeals). The court emphasized the taxpayer's right to choose any recognized accounting method, provided it does not distort income calculation, and rejected the Income-tax authority's jurisdiction to impose a specific accounting method. Case-Laws Income Tax Thu, 16 Nov 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13628