KAIT Act 40Chapter VII · Procedure for Assessment
Section 40 · Method of Accounting
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(1)
Agricultural Income chargeable to tax shall be computed in accordance with the method of accounting regularly employed by the assessee:Provided that in any case where the accounts are correct and complete to the satisfaction of the Agricultural Income tax f Officer. but the method employed is such that, in the opinion of the Agricultural 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 Agricultural Income tax Officer may determine.(2)
Where the Agricultural 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, Agricultural income tax Officer may make an assessment in the manner provided in sub-section (3) or sub-section (4) of section 39.Your private note on this section
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