https://www.taxtmi.com/caselaws?id=211274 The Tribunal upheld the use of the Project Completion method in a case involving a company in the Development and Construction business. The Revenue challenged the method due to the absence of regular books of account, advocating for the Percentage Completion method. However, both the Appellate Commissioner and the Tribunal determined that the assessee had maintained adequate books of account, rendering the defects immaterial to income calculation. The judgment affirmed the validity of the Project Completion method when proper records are kept, dismissing the Revenue's appeals and supporting the Tribunal's decision. en-us Mon, 26 Sep 2011 00:00:00 +0530 Mon, 12 Mar 2012 14:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=211274 The Tribunal upheld the use of the Project Completion method in a case involving a company in the Development and Construction business. The Revenue challenged the method due to the absence of regular books of account, advocating for the Percentage Completion method. However, both the Appellate Commissioner and the Tribunal determined that the assessee had maintained adequate books of account, rendering the defects immaterial to income calculation. The judgment affirmed the validity of the Project Completion method when proper records are kept, dismissing the Revenue's appeals and supporting the Tribunal's decision. Case-Laws Income Tax Mon, 26 Sep 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=211274