https://www.taxtmi.com/caselaws?id=58055 The Tribunal allowed both appeals in favor of the assessee, canceling the Commissioner's order challenging the computation of income from civil construction contracts. The Tribunal upheld the assessments by the Assessing Officer, emphasizing the validity of the assessee's project completion method for accounting profits or losses. It concluded that the assumption of jurisdiction under section 263 of the Income Tax Act was not lawful in this case, citing consistent practice and legal precedents supporting the assessee's chosen accounting method. en-us Wed, 17 Nov 1993 00:00:00 +0530 Fri, 17 Dec 2010 11:16:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58055 The Tribunal allowed both appeals in favor of the assessee, canceling the Commissioner's order challenging the computation of income from civil construction contracts. The Tribunal upheld the assessments by the Assessing Officer, emphasizing the validity of the assessee's project completion method for accounting profits or losses. It concluded that the assumption of jurisdiction under section 263 of the Income Tax Act was not lawful in this case, citing consistent practice and legal precedents supporting the assessee's chosen accounting method. Case-Laws Income Tax Wed, 17 Nov 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58055