https://www.taxtmi.com/caselaws?id=431467 The Tribunal quashed the revisionary proceedings under Section 263 and the consequential assessment order, allowing the assessee's appeal in ITA No. 45/GAU/2019 and dismissing the appeal in ITA No. 418/GAU/2019 as infructuous. The Tribunal upheld the principle of consistency and the real income theory, reinforcing the AO's acceptance of the assessee's accounting treatment of Late Payment Surcharge (LPS) on a cash basis. en-us Mon, 12 Dec 2022 00:00:00 +0530 Thu, 15 Dec 2022 13:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431467 The Tribunal quashed the revisionary proceedings under Section 263 and the consequential assessment order, allowing the assessee's appeal in ITA No. 45/GAU/2019 and dismissing the appeal in ITA No. 418/GAU/2019 as infructuous. The Tribunal upheld the principle of consistency and the real income theory, reinforcing the AO's acceptance of the assessee's accounting treatment of Late Payment Surcharge (LPS) on a cash basis. Case-Laws Income Tax Mon, 12 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431467