https://www.taxtmi.com/caselaws?id=283278 The High Court of Bombay dismissed the appeal, as the Tribunal's decision to delete the addition based on cash receipts and project completion method was upheld. The Court found that the disputed income had already been offered for tax in a subsequent assessment year under the project completion method, accepted by the revenue. Additionally, the addition of Rs. 5 crores was deemed to be non-compliant with accounting standards, specifically AS-7 and section 145 of the Income Tax Act, 1961. Consequently, the appeal was dismissed as it would serve no purpose, leading to the rejection of the proposed questions of law. en-us Mon, 04 Mar 2013 00:00:00 +0530 Tue, 17 Sep 2019 15:39:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=283278 The High Court of Bombay dismissed the appeal, as the Tribunal's decision to delete the addition based on cash receipts and project completion method was upheld. The Court found that the disputed income had already been offered for tax in a subsequent assessment year under the project completion method, accepted by the revenue. Additionally, the addition of Rs. 5 crores was deemed to be non-compliant with accounting standards, specifically AS-7 and section 145 of the Income Tax Act, 1961. Consequently, the appeal was dismissed as it would serve no purpose, leading to the rejection of the proposed questions of law. Case-Laws Income Tax Mon, 04 Mar 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=283278