https://www.taxtmi.com/caselaws?id=432613 The Tribunal upheld the validity of the notice under section 148 for reassessment, rejecting the assessee's objections. Regarding the alleged cash receipt for booking spaces at Nehru Vikas Minar Projects, the AO treated it as unaccounted income, but the CIT(A) allowed the appeal applying the Percentage Completion Method. The Tribunal found the AO's investigation insufficient and directed further assessment. The Revenue's appeal was allowed for statistical purposes, and the assessee's appeal was dismissed, emphasizing the need for thorough investigation and compliance with accounting standards in tax matters. en-us Tue, 20 Dec 2022 00:00:00 +0530 Tue, 10 Jan 2023 09:24:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432613 The Tribunal upheld the validity of the notice under section 148 for reassessment, rejecting the assessee's objections. Regarding the alleged cash receipt for booking spaces at Nehru Vikas Minar Projects, the AO treated it as unaccounted income, but the CIT(A) allowed the appeal applying the Percentage Completion Method. The Tribunal found the AO's investigation insufficient and directed further assessment. The Revenue's appeal was allowed for statistical purposes, and the assessee's appeal was dismissed, emphasizing the need for thorough investigation and compliance with accounting standards in tax matters. Case-Laws Income Tax Tue, 20 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432613