https://www.taxtmi.com/caselaws?id=300388 The Tribunal set aside the Commissioner of Income-tax's order under Section 263, restoring the assessments made by the Assessing Officer for the relevant years. The Tribunal held that the choice of accounting method under Section 145 of the Income-tax Act is not overridden by Section 209(3) of the Companies Act, allowing the assessee to maintain books on a cash basis. The appeals of the assessee were allowed, emphasizing that the provisions of Section 263 were not applicable as the issue was debatable with differing interpretations of the relevant statutes. en-us Thu, 18 Oct 2001 00:00:00 +0530 Sat, 29 Jan 2022 18:24:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=300388 The Tribunal set aside the Commissioner of Income-tax's order under Section 263, restoring the assessments made by the Assessing Officer for the relevant years. The Tribunal held that the choice of accounting method under Section 145 of the Income-tax Act is not overridden by Section 209(3) of the Companies Act, allowing the assessee to maintain books on a cash basis. The appeals of the assessee were allowed, emphasizing that the provisions of Section 263 were not applicable as the issue was debatable with differing interpretations of the relevant statutes. Case-Laws Income Tax Thu, 18 Oct 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=300388