https://www.taxtmi.com/caselaws?id=10364 The High Court upheld the Income-tax Appellate Tribunal's decision in favor of the assessee, a builder-cum-contractor, regarding the assessment year 1992-93. The Court agreed that the Assessing Officer's method of estimating income based solely on expenditure was flawed as income only accrues upon sale of properties. It deemed the revisional order under section 263 unnecessary, except for adding the opening stock cost to calculate gross profit. The Court found the assessee's accounting method, particularly concerning the sale of undivided land share, to be appropriate and not prejudicial to the Revenue, partially allowing the appeal and modifying the revisional authority's order accordingly. en-us Thu, 02 Sep 2004 00:00:00 +0530 Tue, 14 Jul 2009 11:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10364 The High Court upheld the Income-tax Appellate Tribunal's decision in favor of the assessee, a builder-cum-contractor, regarding the assessment year 1992-93. The Court agreed that the Assessing Officer's method of estimating income based solely on expenditure was flawed as income only accrues upon sale of properties. It deemed the revisional order under section 263 unnecessary, except for adding the opening stock cost to calculate gross profit. The Court found the assessee's accounting method, particularly concerning the sale of undivided land share, to be appropriate and not prejudicial to the Revenue, partially allowing the appeal and modifying the revisional authority's order accordingly. Case-Laws Income Tax Thu, 02 Sep 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10364