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Section 145A have disabled the assessee from frequently changing the method of valuation of the stocks
Case Law Details
- Case Name
- Ananta Raj Proteins Ltd. Vs DCIT (ITAT Delhi 'A' Bench)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- ITAT Delhi
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RELEVANT PARAGRAPH
13. It may be mentioned that provisions of section 145A were inserted by the Finance Act No. 2, 1998 w.e.f. 1-4-1999. It may be mentioned that prior to assessment year 1998-99 the entire provisions relating to method of accounting were contained in sec. 145 only. As per that sec. The income under the head ‘profits and gains of business’ or ‘other sources’ shall be computed in accordance with either cash or mercantile system of accounting regularly employed by the assessee. In other words, me Income lax Act, 1961 recognised two systems...
