https://www.taxtmi.com/caselaws?id=155074 The ITAT Chennai upheld the assessing authority's decision regarding the treatment of advance collection of storage fees for blood stem cells, ruling that the lump sum collection should be spread over the 21-year storage period. Additionally, the ITAT found the Commissioner's revision order under section 263 unjustified, stating that the assessing authority had followed a legally acceptable approach. Consequently, the ITAT allowed the appeal filed by the assessee, emphasizing the correct accounting treatment of the storage fee collection and the legal insufficiency of the revision order. en-us Wed, 13 Jul 2011 00:00:00 +0530 Sat, 31 Aug 2013 11:57:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=155074 The ITAT Chennai upheld the assessing authority's decision regarding the treatment of advance collection of storage fees for blood stem cells, ruling that the lump sum collection should be spread over the 21-year storage period. Additionally, the ITAT found the Commissioner's revision order under section 263 unjustified, stating that the assessing authority had followed a legally acceptable approach. Consequently, the ITAT allowed the appeal filed by the assessee, emphasizing the correct accounting treatment of the storage fee collection and the legal insufficiency of the revision order. Case-Laws Income Tax Wed, 13 Jul 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=155074