https://www.taxtmi.com/caselaws?id=433018 The Tribunal allowed the Revenue's appeal, ordering the addition of Rs.6,56,89,219 to the assessee's income. The Tribunal upheld the validity of the reopening proceedings under Section 147 r.w.s. 143(3) of the Income Tax Act, 1961, and determined that the accrual principle did not apply in this case. The unexplained work in progress was assessed and added back to the assessee's income. Additionally, the Tribunal affirmed its jurisdiction to change the head of income, directing the Assessing Officer to take necessary actions. en-us Thu, 05 Jan 2023 00:00:00 +0530 Mon, 12 Jun 2023 12:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=433018 The Tribunal allowed the Revenue's appeal, ordering the addition of Rs.6,56,89,219 to the assessee's income. The Tribunal upheld the validity of the reopening proceedings under Section 147 r.w.s. 143(3) of the Income Tax Act, 1961, and determined that the accrual principle did not apply in this case. The unexplained work in progress was assessed and added back to the assessee's income. Additionally, the Tribunal affirmed its jurisdiction to change the head of income, directing the Assessing Officer to take necessary actions. Case-Laws Income Tax Thu, 05 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=433018