https://www.taxtmi.com/caselaws?id=445042 ITAT Indore held that CIT's revision u/s 263 was unsustainable. AO conducted limited scrutiny through CASS and accepted assessee's Project Completion Method for construction contracts. CIT erred in finding AO's order prejudicial to revenue for not examining Percentage Completion Method u/s 43CB. Section 43CB was not applicable for the assessment year as it became effective from 01.04.2017. AO cannot examine issues beyond limited scrutiny scope without converting to complete scrutiny. Assessee's consistent use of Project Completion Method, being legally permissible, cannot render AO's acceptance erroneous. Appeal decided in favor of assessee. en-us Fri, 28 Jul 2023 00:00:00 +0530 Sat, 28 Oct 2023 10:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445042 ITAT Indore held that CIT's revision u/s 263 was unsustainable. AO conducted limited scrutiny through CASS and accepted assessee's Project Completion Method for construction contracts. CIT erred in finding AO's order prejudicial to revenue for not examining Percentage Completion Method u/s 43CB. Section 43CB was not applicable for the assessment year as it became effective from 01.04.2017. AO cannot examine issues beyond limited scrutiny scope without converting to complete scrutiny. Assessee's consistent use of Project Completion Method, being legally permissible, cannot render AO's acceptance erroneous. Appeal decided in favor of assessee. Case-Laws Income Tax Fri, 28 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445042