Friday, 24 July 2015

'EMI' method allowed to compute income from hire purchase transactions even if books weren't maintai

IT : Where a hire purchase agreement was entered into between assessee and purchasers for purchase of vehicles on hire purchase basis, while computing taxable income assessee could follow Equated Monthly Instalment (EMI) method, even though he had maintained books of account on Sum of Digits (SOD) method

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