https://www.taxtmi.com/caselaws?id=211659 The case involved a dispute over the application of the project completion method in accounting under the mercantile system for the assessment year 1997-98. The Income Tax Appellate Tribunal (ITAT) upheld the decision that income or loss cannot be determined until the contract is completed or disputes are settled. The High Court clarified the treatment of billings and expenditures for ongoing contracts and allowed the adoption of the completed contract method under Section 145 for an assessee following the mercantile system of accounting, remanding the matter to the tribunal for further examination. en-us Thu, 22 Mar 2012 00:00:00 +0530 Mon, 09 Apr 2012 08:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=211659 The case involved a dispute over the application of the project completion method in accounting under the mercantile system for the assessment year 1997-98. The Income Tax Appellate Tribunal (ITAT) upheld the decision that income or loss cannot be determined until the contract is completed or disputes are settled. The High Court clarified the treatment of billings and expenditures for ongoing contracts and allowed the adoption of the completed contract method under Section 145 for an assessee following the mercantile system of accounting, remanding the matter to the tribunal for further examination. Case-Laws Income Tax Thu, 22 Mar 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=211659