https://www.taxtmi.com/caselaws?id=430771 The Tribunal upheld the First Appellate Authority's decision to delete the additions made by the Assessing Officer in two issues. Firstly, the Tribunal found that the assessee correctly applied the percentage completion method for profit recognition, as per Accounting Standards, and the AO failed to demonstrate underestimation of profits. Secondly, the Tribunal agreed with the FAA's deletion of addition on income from house property based on unsold flats, following judicial precedents that such notional income is not assessable. The Revenue's appeal was dismissed on both grounds. en-us Wed, 28 Sep 2022 00:00:00 +0530 Sat, 26 Nov 2022 09:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430771 The Tribunal upheld the First Appellate Authority's decision to delete the additions made by the Assessing Officer in two issues. Firstly, the Tribunal found that the assessee correctly applied the percentage completion method for profit recognition, as per Accounting Standards, and the AO failed to demonstrate underestimation of profits. Secondly, the Tribunal agreed with the FAA's deletion of addition on income from house property based on unsold flats, following judicial precedents that such notional income is not assessable. The Revenue's appeal was dismissed on both grounds. Case-Laws Income Tax Wed, 28 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430771