https://www.taxtmi.com/caselaws?id=340380 The Appellate Tribunal upheld the CIT (Appeals) decision in a case where the Revenue challenged the treatment of an amount transferred to a deferred sales suspense account by an appellant engaged in property redevelopment and sales. The Tribunal emphasized the appellant's adherence to recognized accounting standards, particularly the percentage completion method, and the principle of consistency in accounting treatment. The decision highlighted the importance of considering project revenue and expenses comprehensively rather than on an individual unit basis, ultimately dismissing the Revenue's appeal and affirming the Assessee's accounting approach. en-us Mon, 06 Mar 2017 00:00:00 +0530 Tue, 21 Mar 2017 08:58:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=340380 The Appellate Tribunal upheld the CIT (Appeals) decision in a case where the Revenue challenged the treatment of an amount transferred to a deferred sales suspense account by an appellant engaged in property redevelopment and sales. The Tribunal emphasized the appellant's adherence to recognized accounting standards, particularly the percentage completion method, and the principle of consistency in accounting treatment. The decision highlighted the importance of considering project revenue and expenses comprehensively rather than on an individual unit basis, ultimately dismissing the Revenue's appeal and affirming the Assessee's accounting approach. Case-Laws Income Tax Mon, 06 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=340380