Held that prior to the assessment year 2014-15 , in the case of all previous years, assessments in the case of the assessee had been framed after thorough scrutiny and the method of accounting had been accepted by the Assessing Officer. The rule of consistency squarely applied. That the Accounting Standard Guidance Note had not been notified by the Central Government for the purpose of section 145(2) of the Income-tax Act, 1961 . Therefore, no adverse inference could be drawn. There was no reason to interfere with the findings of the Commissioner (Appeals) Followed CIT v. Excel Industries L td(2013) 358 ITR 295 (SC) . (AY.2014-15)
Dy. CIT v. Dwarkhadhis Buildwell P. Ltd. (2023)106 ITR 64 (SN)(Delhi) (Trib)
S. 145 : Method of accounting-Builder-Rule of consistency followed-Percentage of completion method-Accounting Standard Guidance note not notified by Central Government-Assessing Officer not right in recomputing profitability of Assessee. [ S. 145(2) ]