Appointment of Registrars as adjudicating officers under Companies Act reallocates territorial jurisdiction and sets appeal route to Regional Director...
Composite supply of drilling services and site specific chemicals characterised as composite supply; prior advance rulings set aside, tax rate left op...
Cross country pipeline classification and ITC entitlement: pipelines outside factory treated as immovable, ITC disallowed under Section 17 restriction...
Change in method of accounting for revenue recognition: Tribunal found the assessee changed the stage-of-completion basis, reversing previously recognised revenue and claiming that reversal as a prior-period deduction which was allowed by the AO and upheld on appeal; this adjustment merely shifted timing of profit recognition without altering tax payable (no loss to the exchequer) and is supported by precedent on timing differences. Consequence: addition made by the AO for the year was unwarranted and is deleted; appeal allowed in favour of the assessee. - ITAT
Change in method of accounting for revenue recognition: Tribunal found the assessee changed the stage-of-completion basis, reversing previously recognised revenue and claiming that reversal as a prior-period deduction which was allowed by the AO and upheld on appeal; this adjustment merely shifted timing of profit recognition without altering tax payable (no loss to the exchequer) and is supported by precedent on timing differences. Consequence: addition made by the AO for the year was unwarranted and is deleted; appeal allowed in favour of the assessee. - ITAT
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