https://www.taxtmi.com/caselaws?id=439164 HC upheld the addition to the assessee's income on account of sale of rice, affirming the findings of the tax authorities. It held that income must be computed in accordance with the method of accounting regularly employed, consistent with notified accounting standards. In this case, the assessee failed to maintain stock records quality-wise, making it impossible to verify the correctness of sales and permitting manipulation by understating sale prices of higher-quality rice. The court found serious flaws in record-keeping and dismissed the assessee's appeal. en-us Wed, 01 Mar 2023 00:00:00 +0530 Mon, 08 Dec 2025 17:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=439164 HC upheld the addition to the assessee's income on account of sale of rice, affirming the findings of the tax authorities. It held that income must be computed in accordance with the method of accounting regularly employed, consistent with notified accounting standards. In this case, the assessee failed to maintain stock records quality-wise, making it impossible to verify the correctness of sales and permitting manipulation by understating sale prices of higher-quality rice. The court found serious flaws in record-keeping and dismissed the assessee's appeal. Case-Laws Income Tax Wed, 01 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=439164