ICDS-III applicability to service contracts: guidance states ICDS-III does not apply to service contract revenue recognition. ICDS-III does not apply to a service contract. The guidance excludes service-contract transactions from the scope of ICDS-III, so the measurement and recognition rules in ICDS-III are not to be applied to revenue arising solely from service contracts for income-tax accounting purposes.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
ICDS-III applicability to service contracts: guidance states ICDS-III does not apply to service contract revenue recognition.
ICDS-III does not apply to a service contract. The guidance excludes service-contract transactions from the scope of ICDS-III, so the measurement and recognition rules in ICDS-III are not to be applied to revenue arising solely from service contracts for income-tax accounting purposes.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.