https://www.taxtmi.com/caselaws?id=309817 The Tribunal set aside the AO's arbitrary determination of income from construction activities and restored it as per the audited financial statements. It accepted the assessee's explanation for the difference in gross receipts, emphasizing income recognition principles. The Tribunal found separate additions of interest and miscellaneous income unwarranted as they were already accounted for. Although not detailed, the Tribunal's decision implied acceptance of the depreciation allowance and finance cost claimed by the assessee. Ultimately, the Tribunal allowed the assessee's appeal, quashing the additions in the assessment order. en-us Fri, 24 Sep 2021 00:00:00 +0530 Fri, 22 Sep 2023 09:12:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=309817 The Tribunal set aside the AO's arbitrary determination of income from construction activities and restored it as per the audited financial statements. It accepted the assessee's explanation for the difference in gross receipts, emphasizing income recognition principles. The Tribunal found separate additions of interest and miscellaneous income unwarranted as they were already accounted for. Although not detailed, the Tribunal's decision implied acceptance of the depreciation allowance and finance cost claimed by the assessee. Ultimately, the Tribunal allowed the assessee's appeal, quashing the additions in the assessment order. Case-Laws Income Tax Fri, 24 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=309817