https://www.taxtmi.com/caselaws?id=257467 The High Court ruled in a case concerning the applicability of accounting standards AS-9 and AS-7 in a real estate business. The Court sided with the assessee, emphasizing the flexibility of AS-9 in treating development costs based on project type. It dismissed the revenue's appeal, highlighting the importance of assessing claims reasonably rather than rigidly following post-assessment guidance notes. The judgment underscored the need to interpret accounting standards in a manner that suits the business context, ensuring fair treatment of revenue and costs in line with relevant standards. en-us Mon, 02 Mar 2015 00:00:00 +0530 Fri, 13 Mar 2015 11:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=257467 The High Court ruled in a case concerning the applicability of accounting standards AS-9 and AS-7 in a real estate business. The Court sided with the assessee, emphasizing the flexibility of AS-9 in treating development costs based on project type. It dismissed the revenue's appeal, highlighting the importance of assessing claims reasonably rather than rigidly following post-assessment guidance notes. The judgment underscored the need to interpret accounting standards in a manner that suits the business context, ensuring fair treatment of revenue and costs in line with relevant standards. Case-Laws Income Tax Mon, 02 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=257467