https://www.taxtmi.com/caselaws?id=177667 The Tribunal upheld the reopening of the assessment under section 148 of the Income-tax Act, 1961, based on prima facie material indicating income had escaped assessment. It rejected the assessee's claim of following the Project Completion Method and directed the AO to verify expenses and compute profits from the project. The Tribunal affirmed the inclusion of compensation as project cost but referred the treatment of subsequent year expenses back to the AO for verification. It directed a fresh adjudication on profit computation and deletion of an addition from project receipts. The Tribunal dismissed the assessee's appeal, partly allowed the Revenue's appeal, and directed a thorough reassessment by the AO. en-us Fri, 18 Dec 2009 00:00:00 +0530 Thu, 14 Jan 2016 16:55:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177667 The Tribunal upheld the reopening of the assessment under section 148 of the Income-tax Act, 1961, based on prima facie material indicating income had escaped assessment. It rejected the assessee's claim of following the Project Completion Method and directed the AO to verify expenses and compute profits from the project. The Tribunal affirmed the inclusion of compensation as project cost but referred the treatment of subsequent year expenses back to the AO for verification. It directed a fresh adjudication on profit computation and deletion of an addition from project receipts. The Tribunal dismissed the assessee's appeal, partly allowed the Revenue's appeal, and directed a thorough reassessment by the AO. Case-Laws Income Tax Fri, 18 Dec 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177667