High Court Affirms Use of AS-9 Over AS-7, Validating Long-Standing Accounting Practice for Entity's Financial Reporting.

High Court Affirms Use of AS-9 Over AS-7, Validating Long-Standing Accounting Practice for Entity's Financial Reporting. https://www.taxtmi.com/highlights?id=34559 Recognized system of accounting - maintain its accounts according to AS-7 or AS-9 - the system of accounting followed by it for the last many years as per AS-9 - Department cannot reject the said system followed by it for the reason that it ought to have followed the other recognized system AS-7 system i.e. percentage completion system - HC en-us Fri, 28 Apr 2017 12:37:56 +0530 Fri, 28 Apr 2017 12:37:56 +0530 TaxTMI RSS Generator High Court Affirms Use of AS-9 Over AS-7, Validating Long-Standing Accounting Practice for Entity's Financial Reporting. https://www.taxtmi.com/highlights?id=34559 Recognized system of accounting - maintain its accounts according to AS-7 or AS-9 - the system of accounting followed by it for the last many years as per AS-9 - Department cannot reject the said system followed by it for the reason that it ought to have followed the other recognized system AS-7 system i.e. percentage completion system - HC Highlights Income Tax Fri, 28 Apr 2017 12:37:56 +0530 https://www.taxtmi.com/highlights?id=34559