Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
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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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