https://www.taxtmi.com/caselaws?id=338982 The Court dismissed the appeal, emphasizing that the invocation of Section 263 of the Income Tax Act was not warranted in this case. It was found that the Assessee consistently followed Accounting Standard (AS)-7 for revenue recognition in subsequent Assessment Years, supported by audited accounts and assessment orders. The Court also referenced judicial precedents to affirm the recognized method of accounting employed by the Assessee, ultimately determining that no substantial question of law arose. en-us Wed, 08 Feb 2017 00:00:00 +0530 Sat, 01 Apr 2017 14:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338982 The Court dismissed the appeal, emphasizing that the invocation of Section 263 of the Income Tax Act was not warranted in this case. It was found that the Assessee consistently followed Accounting Standard (AS)-7 for revenue recognition in subsequent Assessment Years, supported by audited accounts and assessment orders. The Court also referenced judicial precedents to affirm the recognized method of accounting employed by the Assessee, ultimately determining that no substantial question of law arose. Case-Laws Income Tax Wed, 08 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338982