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Reassessment justified as assessee disclosed percentage of work completed but didn’t produce certificate: HC

September 8, 2021[2021] 129 taxmann.com 383 (Madras)/[2021] 433 ITR 48 (Madras)

INCOME TAX : Assessee following percentage of completion method was required to produce a proper certification whether by in-house department of assessee or by an independent chartered engineer certifying percentage of work completed under contract, before Assessing Officer at time of assessment; mere qualification in Annual Report of company containing balance sheet and profit and loss account by itself was not sufficient to conclude that assessee had disclosed percentage of work completed during previous year relevant for assessment year; assessee having failed to produce relevant documents at time of assessment, reopening of assessment was justified

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