https://www.taxtmi.com/caselaws?id=378784 The tribunal upheld the CIT's revisionary order under Section 263 of the Income Tax Act, dismissing the assessee's appeal. It emphasized the importance of following correct accounting standards, directing the AO to re-compute income for the succeeding year to prevent double taxation. The tribunal acknowledged the validity of the CIT's jurisdiction in correcting the method of accounting for accurate computation of taxable income, ensuring revenue neutrality without imposing double jeopardy on the assessee. en-us Thu, 18 Apr 2019 00:00:00 +0530 Sat, 20 Apr 2019 17:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=378784 The tribunal upheld the CIT's revisionary order under Section 263 of the Income Tax Act, dismissing the assessee's appeal. It emphasized the importance of following correct accounting standards, directing the AO to re-compute income for the succeeding year to prevent double taxation. The tribunal acknowledged the validity of the CIT's jurisdiction in correcting the method of accounting for accurate computation of taxable income, ensuring revenue neutrality without imposing double jeopardy on the assessee. Case-Laws Income Tax Thu, 18 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=378784