https://www.taxtmi.com/caselaws?id=430348 The Tribunal invalidated the assumption of jurisdiction under Section 153A for the assessment year (AY) 2016-17 due to lack of incriminating material, quashing the assessment. However, for AY 2017-18 and 2018-19, the assessment and notices were deemed valid. The Tribunal upheld the project completion method for revenue recognition, rejected double taxation, dismissed reliance on a retracted statement, found a violation of natural justice in an order, rejected personal expenditure addition, directed setting off of losses, and mandated interest calculation under Sections 234A, 234B, and 234C. The appeals were partly allowed, with the assessment for AY 2016-17 quashed and other decisions upheld. en-us Mon, 14 Nov 2022 00:00:00 +0530 Thu, 17 Nov 2022 09:12:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430348 The Tribunal invalidated the assumption of jurisdiction under Section 153A for the assessment year (AY) 2016-17 due to lack of incriminating material, quashing the assessment. However, for AY 2017-18 and 2018-19, the assessment and notices were deemed valid. The Tribunal upheld the project completion method for revenue recognition, rejected double taxation, dismissed reliance on a retracted statement, found a violation of natural justice in an order, rejected personal expenditure addition, directed setting off of losses, and mandated interest calculation under Sections 234A, 234B, and 234C. The appeals were partly allowed, with the assessment for AY 2016-17 quashed and other decisions upheld. Case-Laws Income Tax Mon, 14 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430348