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        Case ID :
        Income Tax

        Change in accounting policy - When is to be changed - What should be the basis for change in accounting policy

        4 October, 2017

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        Manual - ICDS I : Accounting Policies

        Accounting policies adopted by a person shall be such so as to represent a true and fair view of the state of affairs and income of the business, profession or vocation.

        The treatment and presentation of transactions and events shall be governed by their substance and not merely by the legal form

        An accounting policy shall not be changed without reasonable cause.  

         

        Accounting policy change requires reasonable cause and substance-over-form treatment to reflect a true and fair view. Accounting policies must present a true and fair view of the state of affairs and income; treatment and presentation must follow substance over legal form; an accounting policy shall not be changed without reasonable cause, and any change must serve faithful representation for income computation and disclosure.
                        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.

                              Accounting policy change requires reasonable cause and substance-over-form treatment to reflect a true and fair view.

                              Accounting policies must present a true and fair view of the state of affairs and income; treatment and presentation must follow substance over legal form; an accounting policy shall not be changed without reasonable cause, and any change must serve faithful representation for income computation and disclosure.


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