https://www.taxtmi.com/caselaws?id=354156 The Tribunal set aside the lower authorities' decisions and remanded the case to the Assessing Officer for reevaluation. The AO was instructed to assess revenue based on the Percentage Completion Method and consider the income earned from completed project work. The Tribunal emphasized recognizing revenue when ownership risks transfer to the buyer, per ICAI guidelines and Income Tax Act. The assessee was granted the chance to present their case afresh. Both appeals were allowed for statistical purposes. en-us Wed, 17 Jan 2018 00:00:00 +0530 Fri, 19 Jan 2018 08:18:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=354156 The Tribunal set aside the lower authorities' decisions and remanded the case to the Assessing Officer for reevaluation. The AO was instructed to assess revenue based on the Percentage Completion Method and consider the income earned from completed project work. The Tribunal emphasized recognizing revenue when ownership risks transfer to the buyer, per ICAI guidelines and Income Tax Act. The assessee was granted the chance to present their case afresh. Both appeals were allowed for statistical purposes. Case-Laws Income Tax Wed, 17 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=354156