https://www.taxtmi.com/caselaws?id=180611 The Tribunal upheld the CIT (A) order, dismissing the revenue's appeal regarding the interpretation of Power Purchase Agreement (PPA) terms for rate determination and invoicing discrepancy. The Tribunal found that the income at the higher rate did not accrue to the assessee during the relevant year due to ongoing litigation, and recognized that revenue should only be recognized when receipt is certain. Therefore, the method of accounting for the amount actually received by the assessee was deemed appropriate, in accordance with accounting standards and legal precedents. en-us Mon, 31 Jan 2011 00:00:00 +0530 Mon, 01 May 2023 12:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180611 The Tribunal upheld the CIT (A) order, dismissing the revenue's appeal regarding the interpretation of Power Purchase Agreement (PPA) terms for rate determination and invoicing discrepancy. The Tribunal found that the income at the higher rate did not accrue to the assessee during the relevant year due to ongoing litigation, and recognized that revenue should only be recognized when receipt is certain. Therefore, the method of accounting for the amount actually received by the assessee was deemed appropriate, in accordance with accounting standards and legal precedents. Case-Laws Income Tax Mon, 31 Jan 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180611