https://www.taxtmi.com/caselaws?id=384791 The Tribunal dismissed the revenue's appeal and partly allowed the assessee's cross-objections. It found the reopening of assessment invalid as it was solely based on an audit objection without independent application of mind by the Assessing Officer. The Tribunal upheld the deletion of the addition of Rs. 13,16,72,984/- to the taxable income, concluding that the change in income recognition policy was bonafide and compliant with Accounting Standard-9. en-us Wed, 03 Apr 2019 00:00:00 +0530 Fri, 23 Aug 2019 07:30:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=384791 The Tribunal dismissed the revenue's appeal and partly allowed the assessee's cross-objections. It found the reopening of assessment invalid as it was solely based on an audit objection without independent application of mind by the Assessing Officer. The Tribunal upheld the deletion of the addition of Rs. 13,16,72,984/- to the taxable income, concluding that the change in income recognition policy was bonafide and compliant with Accounting Standard-9. Case-Laws Income Tax Wed, 03 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=384791