https://www.taxtmi.com/caselaws?id=311008 The ITAT Jaipur upheld the assessee's Project Completion Method of accounting against the AO's attempt to substitute it with Percentage Completion Method. The tribunal rejected the AO's rejection of books of accounts, finding no valid basis for questioning regularly audited accounts when the assessee was eligible for complete deduction under Section 80IB. The tribunal held that loose papers found from a third party lacked evidentiary value and could not justify rejecting the accounts. The DVO reference under Section 142A was deemed invalid as it was made by ADIT rather than the AO. The tribunal allowed Section 80IB deduction, resulting in nil taxable profits for the assessee. en-us Thu, 30 Apr 2015 00:00:00 +0530 Sat, 02 Dec 2023 08:46:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311008 The ITAT Jaipur upheld the assessee's Project Completion Method of accounting against the AO's attempt to substitute it with Percentage Completion Method. The tribunal rejected the AO's rejection of books of accounts, finding no valid basis for questioning regularly audited accounts when the assessee was eligible for complete deduction under Section 80IB. The tribunal held that loose papers found from a third party lacked evidentiary value and could not justify rejecting the accounts. The DVO reference under Section 142A was deemed invalid as it was made by ADIT rather than the AO. The tribunal allowed Section 80IB deduction, resulting in nil taxable profits for the assessee. Case-Laws Income Tax Thu, 30 Apr 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311008