https://www.taxtmi.com/caselaws?id=356682 The Court upheld the reassessment for the assessment year 1996-97, considering the actual income received by the contractor assessee from building works. Despite disputes with Skyline Builders, the assessment was based on contract receipts, leading to a minimal tax liability. The Court emphasized the real income theory in determining tax liability, rejecting appeals and applications for rectification. Various legal proceedings addressed the disputes, payment of tax, conflicting judgments, and reviews, culminating in the affirmation of reassessment based on actual income received during the relevant year. en-us Mon, 26 Feb 2018 00:00:00 +0530 Fri, 09 Mar 2018 13:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=356682 The Court upheld the reassessment for the assessment year 1996-97, considering the actual income received by the contractor assessee from building works. Despite disputes with Skyline Builders, the assessment was based on contract receipts, leading to a minimal tax liability. The Court emphasized the real income theory in determining tax liability, rejecting appeals and applications for rectification. Various legal proceedings addressed the disputes, payment of tax, conflicting judgments, and reviews, culminating in the affirmation of reassessment based on actual income received during the relevant year. Case-Laws Income Tax Mon, 26 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=356682