https://www.taxtmi.com/caselaws?id=338130 The CIT(A) ruled in favor of the assessee, concluding that the rejection of books of accounts under Section 145(3) of the Income Tax Act was unjustified. The assessee fulfilled all conditions under Section 44BBB(2) and followed a recognized method of accounting. The CIT(A) also upheld the assessee's revenue recognition method based on contract costs incurred, in line with AS-7. The Revenue's appeal was dismissed, affirming the assessee's right to choose a compliant accounting method. en-us Wed, 18 Jan 2017 00:00:00 +0530 Mon, 23 Jan 2017 12:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338130 The CIT(A) ruled in favor of the assessee, concluding that the rejection of books of accounts under Section 145(3) of the Income Tax Act was unjustified. The assessee fulfilled all conditions under Section 44BBB(2) and followed a recognized method of accounting. The CIT(A) also upheld the assessee's revenue recognition method based on contract costs incurred, in line with AS-7. The Revenue's appeal was dismissed, affirming the assessee's right to choose a compliant accounting method. Case-Laws Income Tax Wed, 18 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338130