Political contribution deductions require recipient party compliance with contribution-reporting conditions; banking-channel donations alone do not qu...
Aggregation under TNMM prevents selective testing of intra-group services without comparable uncontrolled transactions, while appellate additional cla...
Protective assessment cannot duplicate identical receipts under competing characterisations; remote services did not establish a taxable permanent est...
Current account treatment of overseas tournament services removed most FEMA findings, but excess EEFC remittance and delayed repatriation remained bre...
Modification of bail conditions remains available through inherent jurisdiction where onerous deposits undermine justice and cannot recover disputed d...
Merchant banker regulation consolidates registration, governance, capital, reporting, outsourcing and investor-protection requirements under an update...
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The ITAT addressed a case involving a change in accounting policy from Percentage of Completion Method (POCM) to Project Completion Method (PCM) for revenue recognition. The assessee declared a net loss due to the change and the AO added the financial impact as profit, resulting in a significantly higher profit than industry average. The ITAT directed the AO to verify the impact in financial statements for both current and previous years, ensuring correct profit calculation. It emphasized that a change in accounting method does not imply profit understatement, as it is a legitimate decision guided by accounting standards. The ITAT upheld the assessee's right to choose the accounting method and instructed the AO to reevaluate the issue, allowing the assessee a fair opportunity to present their case. The assessee's grounds were allowed for statistical purposes.
The ITAT addressed a case involving a change in accounting policy from Percentage of Completion Method (POCM) to Project Completion Method (PCM) for revenue recognition. The assessee declared a net loss due to the change and the AO added the financial impact as profit, resulting in a significantly higher profit than industry average. The ITAT directed the AO to verify the impact in financial statements for both current and previous years, ensuring correct profit calculation. It emphasized that a change in accounting method does not imply profit understatement, as it is a legitimate decision guided by accounting standards. The ITAT upheld the assessee's right to choose the accounting method and instructed the AO to reevaluate the issue, allowing the assessee a fair opportunity to present their case. The assessee's grounds were allowed for statistical purposes.
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