https://www.taxtmi.com/caselaws?id=342992 The Tribunal allowed the assessee's appeals, directing the AO to compute income based on the completed project method and overturning the adhoc addition of work in progress based on the percentage completion method. The Tribunal emphasized the importance of consistency in accounting methods and rejected the application of certain accounting standards to contracts entered into before their effective dates. en-us Fri, 12 May 2017 00:00:00 +0530 Tue, 16 May 2017 21:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=342992 The Tribunal allowed the assessee's appeals, directing the AO to compute income based on the completed project method and overturning the adhoc addition of work in progress based on the percentage completion method. The Tribunal emphasized the importance of consistency in accounting methods and rejected the application of certain accounting standards to contracts entered into before their effective dates. Case-Laws Income Tax Fri, 12 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=342992