1978 (1) TMI 140

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.... S.L. Sharaf for the Respondent. JUDGMENT Sabyasachi Mukharji, J. - In this reference under section 256(2) of the Income-tax Act, 1961, the Tribunal has referred the following question as directed by this court : "Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the assessee could elect to be assessed on the basis of the cash system of a....

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....f the method previously followed had been followed then there would have bean a profit of Rs. 14,151. The question involved in this reference is whether the assessee was entitled to change the method and insist on being assessed on the cash basis. Under section 291 of the Companies Act, the directors have power to change the method of accounting by themselves. The Tribunal has discussed the eviden....