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Assessee's project-completion revenue recognition upheld; income addition deleted under Guidance Note/AS-9 and percentage-completion rules as complian...
The HC found prima facie merit in the petitioner's challenge to the respondent's inaction on revalidation of import licences but declined to grant pre-emptory relief or issue a writ of mandamus directing revalidation. Instead, the HC directed the respondent's PRC to reconsider the petitioner's revalidation requests in light of all relevant facts, including decisions concerning similarly situated importers, and to render a reasoned decision. The PRC was instructed to complete the fresh examination expeditiously and preferably within six weeks. The petition was disposed of accordingly.
The HC found prima facie merit in the petitioner's challenge to the respondent's inaction on revalidation of import licences but declined to grant pre-emptory relief or issue a writ of mandamus directing revalidation. Instead, the HC directed the respondent's PRC to reconsider the petitioner's revalidation requests in light of all relevant facts, including decisions concerning similarly situated importers, and to render a reasoned decision. The PRC was instructed to complete the fresh examination expeditiously and preferably within six weeks. The petition was disposed of accordingly.
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