https://www.taxtmi.com/caselaws?id=409948 The ITAT allowed the appeal for statistical purposes, directing the AO to reassess the case considering that the project was incomplete during the assessment year and payments received were advances. The ITAT disagreed with the AO's approach of taxing the entire profit in the first year of the MOU, remitting the issue for proper verification of income accruing during the assessment year only. The assessee's appeal was allowed, and the AO was instructed to conduct a fresh assessment. en-us Wed, 02 Jun 2021 00:00:00 +0530 Tue, 20 Jul 2021 13:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=409948 The ITAT allowed the appeal for statistical purposes, directing the AO to reassess the case considering that the project was incomplete during the assessment year and payments received were advances. The ITAT disagreed with the AO's approach of taxing the entire profit in the first year of the MOU, remitting the issue for proper verification of income accruing during the assessment year only. The assessee's appeal was allowed, and the AO was instructed to conduct a fresh assessment. Case-Laws Income Tax Wed, 02 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=409948