M/S RAMESH EXPORTS PVT LTD ,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-5(1)(1), BANGALORE

In the result, appeal of the Revenue is partly allowed

Bench: Shri A. K. Garodia & Smt. Beena Pillai

145A. Method of accounting in certain cases.—Notwithstanding anything to the contrary contained in section 145, the valuation of purchase and sale of goods and inventory for the purposes of determining the income chargeable under the head "Profits and gains of business or profession" shall be— (a) in accordance with the method of accounting regularly employed by the assessee

ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-5(1)(1), BANGALORE vs. M/S RAMESH EXPORTS PVT LTD , BANGALORE

In the result, appeal of the Revenue is partly allowed