https://www.taxtmi.com/caselaws?id=342460 The ITAT allowed relief to the assessee on the disallowance of bad debts issue, finding their claim valid under the project completion method. Regarding the adjustment to the WIP account, the ITAT directed the AO to rectify the assessment by adopting correct WIP figures from past assessments. Additionally, the ITAT found the taxation of exempt share income by the AO unsustainable and instructed a reassessment to rectify the error. The appeal was partially allowed for statistical purposes, emphasizing the importance of proper assessment procedures and adherence to legal provisions for fair taxation outcomes. en-us Wed, 26 Apr 2017 00:00:00 +0530 Fri, 05 May 2017 07:22:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=342460 The ITAT allowed relief to the assessee on the disallowance of bad debts issue, finding their claim valid under the project completion method. Regarding the adjustment to the WIP account, the ITAT directed the AO to rectify the assessment by adopting correct WIP figures from past assessments. Additionally, the ITAT found the taxation of exempt share income by the AO unsustainable and instructed a reassessment to rectify the error. The appeal was partially allowed for statistical purposes, emphasizing the importance of proper assessment procedures and adherence to legal provisions for fair taxation outcomes. Case-Laws Income Tax Wed, 26 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=342460