Service of notice and contractual debt acknowledgment preserved insolvency admission against a corporate guarantor despite limitation and natural just...
Original works exemption excludes standalone boulder transportation, leaving subcontracted railway-project transport services subject to service tax l...
Annual production capacity determinations excluding stenter galleries support refunds for unconstitutional excise levies without an unjust-enrichment ...
Vicarious liability for cheque dishonour requires specific allegations of responsibility and cheque signatory; generic director allegations cannot sus...
IT Resilience Index requires market infrastructure institutions to automate resilience scoring, early warnings, and continuous service-delivery monito...
The ITAT held that the AO was not justified in changing the recognized method of accounting and estimating profits without first rejecting the assessee's regularly maintained and audited books of account. It found that the ld. CIT(A), while adopting the percentage completion method based on audited data up to AY 2019-20, had omitted material factual aspects subsequently clarified by the assessee. Upon considering the complete and updated financial data up to AY 2022-23, the ITAT concluded that the correct position for both years under appeal reflected a loss, not profit. Consequently, the additions made by the AO and partly sustained by the ld. CIT(A) were deleted in full.
The ITAT held that the AO was not justified in changing the recognized method of accounting and estimating profits without first rejecting the assessee's regularly maintained and audited books of account. It found that the ld. CIT(A), while adopting the percentage completion method based on audited data up to AY 2019-20, had omitted material factual aspects subsequently clarified by the assessee. Upon considering the complete and updated financial data up to AY 2022-23, the ITAT concluded that the correct position for both years under appeal reflected a loss, not profit. Consequently, the additions made by the AO and partly sustained by the ld. CIT(A) were deleted in full.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
