https://www.taxtmi.com/caselaws?id=436493 The appeal filed by the assessee was allowed for statistical purposes, with the Tribunal directing a re-examination of the claim by the AO. The Tribunal emphasized the need for a detailed scrutiny of the cost escalation and the transactions with the related concern, ensuring compliance with AS-7 and the principles of prudence under AS-1. The order by the CIT(A) was modified accordingly, and the AO was instructed to take an appropriate decision based on the reassessment. en-us Wed, 04 Jan 2023 00:00:00 +0530 Wed, 12 Apr 2023 14:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436493 The appeal filed by the assessee was allowed for statistical purposes, with the Tribunal directing a re-examination of the claim by the AO. The Tribunal emphasized the need for a detailed scrutiny of the cost escalation and the transactions with the related concern, ensuring compliance with AS-7 and the principles of prudence under AS-1. The order by the CIT(A) was modified accordingly, and the AO was instructed to take an appropriate decision based on the reassessment. Case-Laws Income Tax Wed, 04 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436493