https://www.taxtmi.com/caselaws?id=242643 The appeals by Revenue and Cross-Objections by the assessee were dismissed by the ITAT. The primary issue was the addition of income by the Assessing Officer based on differing accounting methods. The ITAT upheld the Ld. CIT(A)'s decision, stating that the assessee, a builder, was not bound by the accounting standard in question. The additions based on estimated profit were deemed unwarranted, as income recognition was tied to sale deed execution. Upholding the additions would lead to double taxation. Consequently, all appeals were dismissed, concluding the matter without further relief granted. en-us Thu, 20 Jun 2013 00:00:00 +0530 Sun, 19 Jan 2014 15:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=242643 The appeals by Revenue and Cross-Objections by the assessee were dismissed by the ITAT. The primary issue was the addition of income by the Assessing Officer based on differing accounting methods. The ITAT upheld the Ld. CIT(A)'s decision, stating that the assessee, a builder, was not bound by the accounting standard in question. The additions based on estimated profit were deemed unwarranted, as income recognition was tied to sale deed execution. Upholding the additions would lead to double taxation. Consequently, all appeals were dismissed, concluding the matter without further relief granted. Case-Laws Income Tax Thu, 20 Jun 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=242643