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        Case ID :
        Income Tax

        ICDS-I provides that an accounting policy shall not be changed without ’reasonable cause’. The term ’reasonable cause’ is not defined. What shall constitute ’reasonable cause’.

        8 September, 2017

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        Manual - ICDS I : Accounting Policies

        Under the Act, ’reasonable cause is an existing concept and has evolved well over a period of time conferring desired flexibility to the tax payer in deserving cases. The expression “reasonable cause” has not been defined and would have to be examined on a case to case basis.

        Any change in accounting policy should be adjudged as ‘reasonable’ if it satisfies the criterion of AS 5. As per AS 5, a change in an accounting policy should be made only if the adoption of a different accounting policy is required by statute or for compliance with an accounting standard or if it is considered that the change would result in a more appropriate presentation of the financial statements of the enterprise.

        Change in accounting policy: permitted only for reasonable cause and where AS 5 requires it or improves financial presentation. A change in accounting policy will be treated as reasonable if it meets the criterion established by AS 5: the change is permissible only where it is required by statute, necessary for compliance with an accounting standard, or results in a more appropriate presentation of the enterprise's financial statements.
                        Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                          Provisions expressly mentioned in the judgment/order text.

                              Change in accounting policy: permitted only for reasonable cause and where AS 5 requires it or improves financial presentation.

                              A change in accounting policy will be treated as reasonable if it meets the criterion established by AS 5: the change is permissible only where it is required by statute, necessary for compliance with an accounting standard, or results in a more appropriate presentation of the enterprise's financial statements.


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