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Case Law Details

Case Name : Italian Thai Development Vs ADIT (ITAT Delhi)
Related Assessment Year : 2006- 07
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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 consistency, the same cannot be rejected in the year under consideration. The observations in the auditor’s report do not have a bearing on correctness of books of accounts and cannot form the basis for rejection of books of accounts.

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