https://www.taxtmi.com/caselaws?id=217904 The Tribunal directed the Assessing Officer to reassess the issues related to the classification of Initial Work Agreements (IWAs) as part of the main contract, application of Accounting Standard 7 (AS-7) in recognizing revenue, treatment of advances received as income, application of Rule 10 of the Income Tax Rules, and charging of interest under Section 234B of the Income Tax Act. The reassessment should consider all invoices related to IWAs to determine the actual work completed, verify completion percentages based on invoices, and ensure compliance with the provisions of law in determining income and interest liability. en-us Fri, 24 Aug 2012 00:00:00 +0530 Tue, 30 Oct 2012 08:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=217904 The Tribunal directed the Assessing Officer to reassess the issues related to the classification of Initial Work Agreements (IWAs) as part of the main contract, application of Accounting Standard 7 (AS-7) in recognizing revenue, treatment of advances received as income, application of Rule 10 of the Income Tax Rules, and charging of interest under Section 234B of the Income Tax Act. The reassessment should consider all invoices related to IWAs to determine the actual work completed, verify completion percentages based on invoices, and ensure compliance with the provisions of law in determining income and interest liability. Case-Laws Income Tax Fri, 24 Aug 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=217904