Court Rules ICAI's Guidance Note Non-Mandatory; Assessee's Accounting Method Valid Under Income Tax Act.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Rejection of books of accounts - recognition of income - Development of housing project - assessee has not followed percentage completion method as per the Guidance Note issued by ICAI - The Guidance Note issued by the ICAI is recommendatory. The same do not override the choice of method of accounting to be followed by the assessee provided under the Act.....