Observations in auditor’s report may not constitute a valid ground for rejection of books of accounts u/s. 145(3) of the Act unless the observations of the auditor have a bearing on correctness of books of accounts

Italian Thai Development Vs ADIT (ITAT Delhi)- The taxpayer has been computing its estimated revenue as per AS-7 issued by Institute of Chartered Accountants of India since AY 2003-04 on wards and the AO has not objected to this method in the prior years. Therefore, as per the principle of consisten

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