https://www.taxtmi.com/caselaws?id=213263 The Tribunal allowed the Revenue's appeal, ruling that profits should be based on work completed, not limited to receipts of the relevant assessment year alone. The Assessing Officer was directed to calculate profit at 12% on the additional amount received during the year, considering percentage completion method. The Tribunal held that taxability extends beyond receipts of the year, focusing on work completed regardless of when revenues were received. The Tribunal rejected the relief granted by the CIT(A) and restored the Assessing Officer's order. en-us Fri, 30 Apr 2010 00:00:00 +0530 Wed, 16 May 2012 10:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=213263 The Tribunal allowed the Revenue's appeal, ruling that profits should be based on work completed, not limited to receipts of the relevant assessment year alone. The Assessing Officer was directed to calculate profit at 12% on the additional amount received during the year, considering percentage completion method. The Tribunal held that taxability extends beyond receipts of the year, focusing on work completed regardless of when revenues were received. The Tribunal rejected the relief granted by the CIT(A) and restored the Assessing Officer's order. Case-Laws Income Tax Fri, 30 Apr 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=213263