Assessees must consistently apply the mercantile accounting system across all projects; selective cash basis use is not allowed.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Method of accounting - mercantile system of accounting for one project and cash basis for another project - The assessee cannot choose to follow mercantile system for all other projects and make a departure only for one of the projects by changing the system of accounting.....