https://www.taxtmi.com/caselaws?id=415871 The Tribunal ruled in favor of the appellant, emphasizing that income should not be assessed twice and that the rectified return should have been considered for reassessment. The Tribunal criticized the Assessing Officer's rejection of the rectified return and genuine claim, highlighting the importance of natural justice and rectifying the assessment order to avoid prejudice. Additionally, the Tribunal directed the AO to reduce the previously taxed income from the appellant's total income, following the percentage completion method for income recognition and avoiding double taxation. en-us Thu, 18 Nov 2021 00:00:00 +0530 Wed, 15 Dec 2021 10:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=415871 The Tribunal ruled in favor of the appellant, emphasizing that income should not be assessed twice and that the rectified return should have been considered for reassessment. The Tribunal criticized the Assessing Officer's rejection of the rectified return and genuine claim, highlighting the importance of natural justice and rectifying the assessment order to avoid prejudice. Additionally, the Tribunal directed the AO to reduce the previously taxed income from the appellant's total income, following the percentage completion method for income recognition and avoiding double taxation. Case-Laws Income Tax Thu, 18 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=415871