Interactive flat panels meeting automatic data processing conditions are distinguished from monitors, while later classification clarifications apply ...
Statutory transfer formalities invalidated alleged share and property transfers, while retrospective record manipulation constituted oppression and mi...
Provisional attachment of laundered funds and equivalent-value property sustained, with statutory protection limited to pension, gratuity and providen...
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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