https://www.taxtmi.com/caselaws?id=192397 A consistently followed and recognised project completion method of accounting in a construction business cannot be displaced merely because the revenue prefers a work-in-progress method. The Court noted that the method regularly employed by an assessee may be rejected only if the accounts are defective or the true income cannot be properly deduced. As the assessee's method had been accepted on the facts and no sufficient basis existed to reject the book results, the Tribunal's rejection of the project completion method was unjustified and the issue was decided in favour of the assessee. en-us Fri, 12 Aug 2016 00:00:00 +0530 Thu, 29 Jan 2026 17:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=192397 A consistently followed and recognised project completion method of accounting in a construction business cannot be displaced merely because the revenue prefers a work-in-progress method. The Court noted that the method regularly employed by an assessee may be rejected only if the accounts are defective or the true income cannot be properly deduced. As the assessee's method had been accepted on the facts and no sufficient basis existed to reject the book results, the Tribunal's rejection of the project completion method was unjustified and the issue was decided in favour of the assessee. Case-Laws Income Tax Fri, 12 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=192397