https://www.taxtmi.com/caselaws?id=381205 The Tribunal ruled in favor of the assessee, holding that the Commissioner of Income Tax's order under section 263 was quashed as the assessment order was not erroneous. The Tribunal found the adoption of Accounting Standard 7 (AS-7) appropriate for the assessee's construction contracts, emphasizing that the CIT must establish both conditions of section 263 before revising an assessment order. The Tribunal rejected the principle of ejusdem generis, affirming that the definition of construction contracts under AS-7 was broad and inclusive of the assessee's activities. en-us Fri, 17 May 2019 00:00:00 +0530 Wed, 05 Jun 2019 10:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=381205 The Tribunal ruled in favor of the assessee, holding that the Commissioner of Income Tax's order under section 263 was quashed as the assessment order was not erroneous. The Tribunal found the adoption of Accounting Standard 7 (AS-7) appropriate for the assessee's construction contracts, emphasizing that the CIT must establish both conditions of section 263 before revising an assessment order. The Tribunal rejected the principle of ejusdem generis, affirming that the definition of construction contracts under AS-7 was broad and inclusive of the assessee's activities. Case-Laws Income Tax Fri, 17 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=381205