Dismissing the appeal of the assessee the Court held that; where the assesseee is following consistently mercantile system of accounting in respect of all other projects cannot follow cash system of accounting in respect of one project. (AY. 2007 -08)
Ace Real Estate & Developers. v. ACIT (2019) 260 Taxman 37/ 175 DTR 437 / 308 CTR 481(Bom.)(HC)
S. 145 : Method of accounting- Income -Accural-land development, had been Mercantile system of accounting- Cash system of accounting-Cannot adopt cash system in respect of one project and mercantile system in respect of other projects. [ S.5 ]