https://www.taxtmi.com/caselaws?id=355180 The ITAT dismissed the Revenue's appeals, upholding the CIT(A)'s order that the assessee correctly accounted for the subsidy based on finalized figures from the regulatory commission. The ITAT found the assessee followed the mercantile system of accounting and AS-12, with no evidence of profit distortion. The consistent accounting method was deemed acceptable, and the AO's addition was unjustified. The appeals were dismissed, affirming the CIT(A)'s decision, with the judgment pronounced on 07/02/2018. en-us Wed, 07 Feb 2018 00:00:00 +0530 Sat, 10 Feb 2018 07:34:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=355180 The ITAT dismissed the Revenue's appeals, upholding the CIT(A)'s order that the assessee correctly accounted for the subsidy based on finalized figures from the regulatory commission. The ITAT found the assessee followed the mercantile system of accounting and AS-12, with no evidence of profit distortion. The consistent accounting method was deemed acceptable, and the AO's addition was unjustified. The appeals were dismissed, affirming the CIT(A)'s decision, with the judgment pronounced on 07/02/2018. Case-Laws Income Tax Wed, 07 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=355180