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Report No. 12

150. Method of accounting.-

(1) Income chargeable under the head "Profits and gains of business, profession or vocation" or "Income from other sources" shall be computed in accordance with the method of accounting regularly employed by the assessee:

[Section 13, main part]

Provided that, if, though the accounts are correct and complete to the satisfaction of the Income-tax Officer, the method employed is such that, in the opinion of the Income-tax Officer, the income cannot properly be deduced therefrom, then the computation shall be made upon such basis and in such manner as the Income-tax Officer may determine.

[Section 13, proviso, part]

(2) Where the Income-tax Officer is not satisfied about the correctness or the completeness of the accounts of the assessee, or where no method of accounting has been regularly employed by the assessee, the Income-tax Officer may make an assessment in the manner provided in section 148 [23(4) main para., part regarding best judgment assessment].

[Section 13, proviso, part]

Income-Tax Act, 1922 Back

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