2010 (9) TMI 803

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....la Chellur, J   1. The substantial questions of law raised in this appeal are as under:   "1. Whether the Appellate Authorities were correct in holding that the assessee was entitled to follow "Completed Contract Method of Accounting" in the construction business, despite the substitution of section 145 with effect from 1-4-1997 by Finance Act, 1995, which contemplates only two met....

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....e Department in the previous years as well. According to him, in spite of amendment to section 145 of the Act with effect from 1-4-1997, wherein cash or mercantile system of accounting is contemplated, still the assessee is entitled to follow the method of accounting which he followed earlier to the amendment.   3. According to the learned counsel for the appellant-revenue, though the Asse....