2[Method
of accounting in certain cases.
145A. Notwithstanding
anything to the contrary contained in section 145,
(a) the
valuation of purchase and sale of goods and inventory for the purposes of
determining the income chargeable under the head Profits and gains of business
or profession shall be
(i) in
accordance with the method of accounting regularly employed by the assessee;
and
(ii) further
adjusted to include the amount of any tax, duty, cess or fee (by whatever name
called) actually paid or incurred by the assessee to bring the goods to the
place of its location and condition as on the date of valuation.
Explanation.For
the purposes of this section*,
any tax, duty, cess or fee (by whatever name called) under any law for the time
being in force, shall include all such payment notwithstanding any right
arising as a consequence to such payment;
(b) interest
received by an assessee on compensation or on enhanced compensation, as the
case may be, shall be deemed to be the income of the year in which it is
received.]