M/S PANCHSHEEL TEXTILE MANFAC. & TRAD. vs. C I T AND ANR.

Bench: MRS. JUSTICE LISA GILL,MRS. JUSTICE SUDEEPTI SHARMA

13. pur rele trad (O&M) and other connected ca uction under Section 36(1)(iii) ey borrowed for utilisation in the fore proceeding further it would come Tax Act, 1961 before ame vant and applicable in the years eproduce relevant portion of the arned Income Tax Tribunal, Cha levant portion of Section 36(1)(i ther Deductions:- ction

CIT-I CHANDIGARH vs. M/S PB.INFO&COMM. TECH. CORP. LTD. CHD.

The appeals are dismissed

Bench: MS. JUSTICE RITU BAHRI,MRS. JUSTICE MANISHA BATRA

Section 145 of the Act, unless he comes to a conclusion that notified accounting standards had not been regularly followed by such assessee. As such, the assessee could not be compelled to adopt completion method for one particular year on selective basis as in our considered opinion, that would certainly amount to distorting the computation of the true profits