https://www.taxtmi.com/caselaws?id=196546 The Tribunal held that the rejection of the assessee's books of accounts under Section 145(3) of the IT Act was unjustified. It found that the assessee maintained proper accounts audited by a Chartered Accountant and followed the Project Completion Method consistently. The Tribunal rejected the AO's attempt to apply the Percentage Completion Method, emphasizing the assessee's right to choose its accounting method. Additionally, the Tribunal dismissed the AO's reliance on 'on-money' transactions, stating it was without basis. The High Court upheld the Tribunal's findings, ruling in favor of the assessee on all issues. en-us Fri, 19 May 2017 00:00:00 +0530 Tue, 05 Dec 2017 22:03:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=196546 The Tribunal held that the rejection of the assessee's books of accounts under Section 145(3) of the IT Act was unjustified. It found that the assessee maintained proper accounts audited by a Chartered Accountant and followed the Project Completion Method consistently. The Tribunal rejected the AO's attempt to apply the Percentage Completion Method, emphasizing the assessee's right to choose its accounting method. Additionally, the Tribunal dismissed the AO's reliance on 'on-money' transactions, stating it was without basis. The High Court upheld the Tribunal's findings, ruling in favor of the assessee on all issues. Case-Laws Income Tax Fri, 19 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=196546