https://www.taxtmi.com/caselaws?id=346305 The Tribunal upheld the decision to estimate income at 8% of project receipts for assessment years 2010-11 and 2011-12 due to insufficient evidence from the assessee. Concerns over the applicability of Accounting Standards 7 and 9 were raised but dismissed for lack of clear evidence. The Tribunal emphasized the importance of maintaining proper documentation and rejected the assessee's claims based on project completion method. Income estimation based on gross receipts was deemed appropriate, considering the lack of evidence on project completion and income admission in subsequent years. The Tribunal affirmed the lower authorities' orders, concluding the case. en-us Wed, 12 Apr 2017 00:00:00 +0530 Wed, 09 Aug 2017 11:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=346305 The Tribunal upheld the decision to estimate income at 8% of project receipts for assessment years 2010-11 and 2011-12 due to insufficient evidence from the assessee. Concerns over the applicability of Accounting Standards 7 and 9 were raised but dismissed for lack of clear evidence. The Tribunal emphasized the importance of maintaining proper documentation and rejected the assessee's claims based on project completion method. Income estimation based on gross receipts was deemed appropriate, considering the lack of evidence on project completion and income admission in subsequent years. The Tribunal affirmed the lower authorities' orders, concluding the case. Case-Laws Income Tax Wed, 12 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=346305