Court Rules ICAI's Guidance Note Non-Mandatory; Assessee's Accounting Method Valid Under Income Tax Act.

Court Rules ICAI's Guidance Note Non-Mandatory; Assessee's Accounting Method Valid Under Income Tax Act. https://www.taxtmi.com/highlights?id=51508 Rejection of books of accounts - recognition of income - Development of housing project - assessee has not followed percentage completion method as per the Guidance Note issued by ICAI - The Guidance Note issued by the ICAI is recommendatory. The same do not override the choice of method of accounting to be followed by the assessee provided under the Act. en-us Fri, 31 Jan 2020 10:22:04 +0530 Fri, 31 Jan 2020 10:22:04 +0530 TaxTMI RSS Generator Court Rules ICAI's Guidance Note Non-Mandatory; Assessee's Accounting Method Valid Under Income Tax Act. https://www.taxtmi.com/highlights?id=51508 Rejection of books of accounts - recognition of income - Development of housing project - assessee has not followed percentage completion method as per the Guidance Note issued by ICAI - The Guidance Note issued by the ICAI is recommendatory. The same do not override the choice of method of accounting to be followed by the assessee provided under the Act. Highlights Income Tax Fri, 31 Jan 2020 10:22:04 +0530 https://www.taxtmi.com/highlights?id=51508