https://www.taxtmi.com/caselaws?id=58748 The appellate tribunal allowed the private limited company's appeal regarding the assessment of profits for the construction and sale of flats and office premises. The tribunal emphasized the importance of adhering to the accepted accounting method in the construction industry, which defers recognizing profits until project completion. It rejected the Income Tax Officer's estimation of profits at 10% of total receipts, highlighting the need for consistency in accounting practices and the application of true accountancy principles for income computation. The judgment underscores the significance of following recognized industry standards in tax assessments. en-us Sat, 22 Jan 1983 00:00:00 +0530 Tue, 21 Dec 2010 17:57:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58748 The appellate tribunal allowed the private limited company's appeal regarding the assessment of profits for the construction and sale of flats and office premises. The tribunal emphasized the importance of adhering to the accepted accounting method in the construction industry, which defers recognizing profits until project completion. It rejected the Income Tax Officer's estimation of profits at 10% of total receipts, highlighting the need for consistency in accounting practices and the application of true accountancy principles for income computation. The judgment underscores the significance of following recognized industry standards in tax assessments. Case-Laws Income Tax Sat, 22 Jan 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58748