https://www.taxtmi.com/caselaws?id=410344 The Tribunal partly allowed the appeal, ruling that the Principal Commissioner of Income Tax was not justified in directing the adoption of the percentage completion method, as the project completion method had been consistently followed in previous assessments. However, the Tribunal upheld the classification of interest income as "income from other sources" and directed the Assessing Officer to tax the interest income for the relevant assessment year and adjust work-in-progress accordingly. The Tribunal dismissed the argument regarding the order being passed beyond the statutory period, as it fell within the extended deadline set by the Government. en-us Thu, 22 Jul 2021 00:00:00 +0530 Fri, 30 Jul 2021 09:09:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410344 The Tribunal partly allowed the appeal, ruling that the Principal Commissioner of Income Tax was not justified in directing the adoption of the percentage completion method, as the project completion method had been consistently followed in previous assessments. However, the Tribunal upheld the classification of interest income as "income from other sources" and directed the Assessing Officer to tax the interest income for the relevant assessment year and adjust work-in-progress accordingly. The Tribunal dismissed the argument regarding the order being passed beyond the statutory period, as it fell within the extended deadline set by the Government. Case-Laws Income Tax Thu, 22 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410344