https://www.taxtmi.com/caselaws?id=192397 Dispute concerns recognition of revenue for long-term contracts where the assessee consistently applied the project completion (completed contract) method; the tribunal and CIT(A) applied the work in progress method and estimated 80% as net profit, but the High Court found the assessee's consistent accounting approach supported by earlier precedent and allowed the appeal in favour of the assessee, reversing the lower authorities' treatment. The legal points stress acceptability of consistent accounting method, reliance on controlling precedent, and that profit recognition method determines taxable profit computation. en-us Fri, 12 Aug 2016 00:00:00 +0530 Thu, 29 Jan 2026 17:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=192397 Dispute concerns recognition of revenue for long-term contracts where the assessee consistently applied the project completion (completed contract) method; the tribunal and CIT(A) applied the work in progress method and estimated 80% as net profit, but the High Court found the assessee's consistent accounting approach supported by earlier precedent and allowed the appeal in favour of the assessee, reversing the lower authorities' treatment. The legal points stress acceptability of consistent accounting method, reliance on controlling precedent, and that profit recognition method determines taxable profit computation. Case-Laws Income Tax Fri, 12 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=192397