Case Law Details
CIT/PCIT Vs Paradeep Port Trust (Orissa High Court)
The very text of the Finance Act, 2008 and in particular Section 3 thereof which inserts the amended Section 2(15) clearly states that “the following clause shall be substituted with effect from the 1st day of April, 2009.” Clearly, therefore, the amendment is prospective. Consequently, the Court declines to frame this question either.
Paradeep Port Trust can maintain books of account on accrual basis
On the issue whether the Assessee ought to have resorted to the cash system of accounting and not the accrual basis, it has been pointed out on behalf of the Assessee that it is bound by the guidance note of the Ministry of Shipping and Transport, Government of India and the requirement under the Companies Act as regards maintaining its accounts on accrual basis. Consequently, this Court finds no reason to take a view different from what the ITAT has taken in the matter.
FULL TEXT OF THE JUDGMENT/ORDER OF ORISSA HIGH COURT
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