https://www.taxtmi.com/caselaws?id=357386 The Tribunal upheld the deletion of the addition made by the Assessing Officer using the Percentage Completion Method. It found that the Project Completion Method employed by the assessee was legitimate and consistently applied. The rejection of accounts based on non-adherence to Accounting Standards AS-7 and AS-9 was deemed unjustified, and disallowances under Section 40(a)(ia) and 40A(3) were deleted. The Tribunal's decision was supported by a comprehensive analysis of facts and legal precedents, affirming the validity of the Project Completion Method in this case. en-us Tue, 13 Mar 2018 00:00:00 +0530 Thu, 22 Mar 2018 08:36:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=357386 The Tribunal upheld the deletion of the addition made by the Assessing Officer using the Percentage Completion Method. It found that the Project Completion Method employed by the assessee was legitimate and consistently applied. The rejection of accounts based on non-adherence to Accounting Standards AS-7 and AS-9 was deemed unjustified, and disallowances under Section 40(a)(ia) and 40A(3) were deleted. The Tribunal's decision was supported by a comprehensive analysis of facts and legal precedents, affirming the validity of the Project Completion Method in this case. Case-Laws Income Tax Tue, 13 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=357386