https://www.taxtmi.com/caselaws?id=182945 The Tribunal upheld the rejection of books of account under section 145(3) was not justified, dismissing the alleged receipt of on money based on documents/statements of another group. It found the application of the 'percentage completion method' unwarranted and rejected the accrual of income at the time of agreement/receipt of advance. The Tribunal overturned additions to total income and deemed the reference to the Department Valuation Officer (DVO) invalid. It deleted additions based on the DVO's report and noted the levy of interest under section 234B as consequential. The appeals of the assessee were allowed in part, rejecting changes to the accounting method and deletions based on the DVO's report, while the department's appeal was rejected. en-us Fri, 15 Mar 2013 00:00:00 +0530 Tue, 24 May 2016 15:11:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=182945 The Tribunal upheld the rejection of books of account under section 145(3) was not justified, dismissing the alleged receipt of on money based on documents/statements of another group. It found the application of the 'percentage completion method' unwarranted and rejected the accrual of income at the time of agreement/receipt of advance. The Tribunal overturned additions to total income and deemed the reference to the Department Valuation Officer (DVO) invalid. It deleted additions based on the DVO's report and noted the levy of interest under section 234B as consequential. The appeals of the assessee were allowed in part, rejecting changes to the accounting method and deletions based on the DVO's report, while the department's appeal was rejected. Case-Laws Income Tax Fri, 15 Mar 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=182945