https://www.taxtmi.com/caselaws?id=75425 The court upheld the Tribunal's decision and dismissed the tax case appeal, ruling in favor of the respondent-company engaged in civil construction contracts. The assessing officer's estimation of additional income based on incomplete project method was challenged by the assessee, with both the Tribunal and Commissioner of Income Tax (Appeals) finding no fault in the assessee's consistent use of the completed contract method of accounting. The court emphasized the assessee's freedom to choose accounting methods and rejected the revenue's attempt to enforce a specific method, citing precedent that as long as the chosen method is consistent and regular, the revenue cannot compel a change. en-us Mon, 22 Feb 2010 00:00:00 +0530 Wed, 07 Sep 2011 10:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=75425 The court upheld the Tribunal's decision and dismissed the tax case appeal, ruling in favor of the respondent-company engaged in civil construction contracts. The assessing officer's estimation of additional income based on incomplete project method was challenged by the assessee, with both the Tribunal and Commissioner of Income Tax (Appeals) finding no fault in the assessee's consistent use of the completed contract method of accounting. The court emphasized the assessee's freedom to choose accounting methods and rejected the revenue's attempt to enforce a specific method, citing precedent that as long as the chosen method is consistent and regular, the revenue cannot compel a change. Case-Laws Income Tax Mon, 22 Feb 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=75425