accounting methods. The Completion Contract
method is one of such methods. Under the Completed contract method, the revenue
is not recognized until the contract ... also made
by accepting project completion method. Both Project Completion method
and the Percentage Completion method are recognized methods for
assessment of correct income
also made by
accepting project completion method. Both Project Completion
method and the Percentage Completion method are recognized
methods for assessment of correct income ... accounting
methods. The Completion Contract method is one of such methods.
Under the Completed contract method, the revenue is not
recognized until the contract
that assessee
is regularly maintaining books of accounts on "Cash method of accounting" (which
are also subject to audit), as against which some ... clients follow "Mercantile
method of accounting", which has resulted in deviation in receipts as per books
and as per Form 26AS. Appellant prays
expressions, -
(a) "Accounting policies" means the specific accounting principles and the methods of applying those principles adopted by the assessee in the preparation ... financial statements are prepared;
(b) 'Accounting policies' means the specific accounting principles and the method of applying those principles adopted by the assessee
assessee has stated that there is no change in the method of accounting
followed by the assessee in preceding years. The assessee had estimated loss ... trade at lower of cost or market price as per
method of accounting regularly employed by the assessee. Fertilizer Bonds
are not stock-in-trade
ITAT inspite of the fact the assessee has
changed accounting method.
(4) allowing a sum of Rs.16,07,46,832/- on account of disallowing ... assessee during the year under consideration. The appellant had
changed method of accounting during the year under consideration but
the same has been found more
method of accounting adopted by the
assessee, the same is confined to maintenance of accounts on
cash basis or mercantile system of accounting ... method of accounting employed by the
assessee. It does not deal with correctness or completeness of
accounts, but with any defect in method of account
whereas the books of accounts are correct and complete
and maintained following proper accounting method and standard.
3. Under the facts and circumstances ... rejected the books of accounts stating that the assessee did not furnish the book
of account, ledger account, bills of expenses, vouchers, invoices etc. despite
method of accounting adopted by
the assessee, the same is confined to maintenance of accounts on
cash basis or mercantile system of accounting ... method of accounting employed by the
assessee. It does not deal with correctness or completeness of
accounts, but with any defect in method of account
representing the revenue
vehemently argued that the assessee has violated the method of
accounting followed. He submitted that the ITAT, Jaipur held that the
assessee ... Tribunal with regard to the accounting method, "Percentage
completion method (Per CM in short ) claimed to have been followed by the
appellant. The bone
