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Court Rules ICAI Guidance Note Non-Mandatory; Cannot Reject Assessee's Accounting Books or Lease Methods.
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....Notwithstanding the fact that the opinion of the Institute of Chartered Accountants of India (ICAI) was expressed in the guidance note, which had not attained a mandatory status, would not, in our view, be a ground to discard the books of account of the assessee or method of accounting for lease followed by the assessee - HC....