https://www.taxtmi.com/caselaws?id=395342 Where a composite water supply contract contained separately identifiable study, rehabilitation, and post-construction operation and maintenance phases, only the construction component was to be recognised under the percentage completion method under Accounting Standard 7; the separate maintenance receipts were excluded from construction revenue and were to be accounted for independently. Service tax and value added tax collected under the contract did not form part of income and were excluded from contract revenue for income recognition. The tribunal therefore held both issues in favour of the assessee. en-us Mon, 27 Apr 2020 00:00:00 +0530 Mon, 18 May 2020 12:12:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395342 Where a composite water supply contract contained separately identifiable study, rehabilitation, and post-construction operation and maintenance phases, only the construction component was to be recognised under the percentage completion method under Accounting Standard 7; the separate maintenance receipts were excluded from construction revenue and were to be accounted for independently. Service tax and value added tax collected under the contract did not form part of income and were excluded from contract revenue for income recognition. The tribunal therefore held both issues in favour of the assessee. Case-Laws Income Tax Mon, 27 Apr 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395342