https://www.taxtmi.com/caselaws?id=373764 The Appellate Tribunal dismissed the revenue's appeal, affirming the classification of expenses totaling Rs. 3,08,64,906 as Revenue Expenditure in the Profit & Loss Account for Assessment Year 2012-13. The Tribunal upheld the decision of the Ld. Commissioner of Income-Tax (Appeals) based on the assessee's consistent adoption of the percentage of completion method for accounting, rejecting the revenue's contention of following the completed contract method. The judgment emphasized the importance of adhering to established accounting policies and lack of contradictory legal precedents, leading to the dismissal of the revenue's challenge. en-us Wed, 04 Jul 2018 00:00:00 +0530 Sat, 19 Jan 2019 07:55:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=373764 The Appellate Tribunal dismissed the revenue's appeal, affirming the classification of expenses totaling Rs. 3,08,64,906 as Revenue Expenditure in the Profit & Loss Account for Assessment Year 2012-13. The Tribunal upheld the decision of the Ld. Commissioner of Income-Tax (Appeals) based on the assessee's consistent adoption of the percentage of completion method for accounting, rejecting the revenue's contention of following the completed contract method. The judgment emphasized the importance of adhering to established accounting policies and lack of contradictory legal precedents, leading to the dismissal of the revenue's challenge. Case-Laws Income Tax Wed, 04 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=373764