https://www.taxtmi.com/caselaws?id=178063 The Income Tax Appellate Tribunal (ITAT) upheld the decision in favor of the assessee company, emphasizing the legality and appropriateness of the project completion method in revenue recognition for property development businesses. The ITAT highlighted the importance of consistency in accounting practices and referenced legal precedents supporting the assessee's method of accounting. The judgment focused on the proper application of accounting standards, particularly distinguishing between real estate developers and construction contractors, ultimately dismissing the appeals filed by the Revenue and affirming the assessee's revenue recognition approach. en-us Fri, 20 Apr 2012 00:00:00 +0530 Fri, 23 Jun 2017 11:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178063 The Income Tax Appellate Tribunal (ITAT) upheld the decision in favor of the assessee company, emphasizing the legality and appropriateness of the project completion method in revenue recognition for property development businesses. The ITAT highlighted the importance of consistency in accounting practices and referenced legal precedents supporting the assessee's method of accounting. The judgment focused on the proper application of accounting standards, particularly distinguishing between real estate developers and construction contractors, ultimately dismissing the appeals filed by the Revenue and affirming the assessee's revenue recognition approach. Case-Laws Income Tax Fri, 20 Apr 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178063