https://www.taxtmi.com/caselaws?id=12590 The High Court of Madras ruled in favor of the Revenue in a case concerning the determination of profits in a hotel contract using the project completion method. The court upheld the appellate authority's decision to assess profits yearly for the hotel contract due to the lack of maintained accounts, emphasizing the necessity of proper accounting for justifying the project completion method. The Tribunal's decision in favor of assessing profits only upon completion of the project was overturned, supporting the Revenue's argument for yearly assessment in the absence of proper accounts. en-us Tue, 19 Feb 2002 00:00:00 +0530 Wed, 20 May 2009 13:22:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12590 The High Court of Madras ruled in favor of the Revenue in a case concerning the determination of profits in a hotel contract using the project completion method. The court upheld the appellate authority's decision to assess profits yearly for the hotel contract due to the lack of maintained accounts, emphasizing the necessity of proper accounting for justifying the project completion method. The Tribunal's decision in favor of assessing profits only upon completion of the project was overturned, supporting the Revenue's argument for yearly assessment in the absence of proper accounts. Case-Laws Income Tax Tue, 19 Feb 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12590