Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
The assessee followed the project completion method for income recognition since inception. The transitional provisions stipulate that for projects commenced before March 31, 2016, but not completed by that date, revenue recognition shall be based on the method regularly followed prior to April 1, 2016. The Assessing Officer's application of the percentage completion method based on ICDS III by partially interpreting it was unjustified. The addition made by the Assessing Officer for the year under consideration by applying the percentage completion method was not justified and was set aside. The assessee's appeal was allowed.
The assessee followed the project completion method for income recognition since inception. The transitional provisions stipulate that for projects commenced before March 31, 2016, but not completed by that date, revenue recognition shall be based on the method regularly followed prior to April 1, 2016. The Assessing Officer's application of the percentage completion method based on ICDS III by partially interpreting it was unjustified. The addition made by the Assessing Officer for the year under consideration by applying the percentage completion method was not justified and was set aside. The assessee's appeal was allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
