https://www.taxtmi.com/caselaws?id=396488 The tribunal ruled in favor of the assessee, directing the Assessing Officer to delete the addition of Rs. 17,32,78,878/- to the returned income. The tribunal emphasized consistency in revenue recognition practices and adherence to accounting standards, citing the application of Accounting Standard 7. It held that the Assessing Officer erred in making additions for the assessment year 2014-15 when revenue recognition was consistent in subsequent years. The tribunal referenced legal principles from a Supreme Court judgment to support its decision, deeming the Assessing Officer's addition unjustified. en-us Tue, 30 Jun 2020 00:00:00 +0530 Tue, 07 Jul 2020 12:54:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396488 The tribunal ruled in favor of the assessee, directing the Assessing Officer to delete the addition of Rs. 17,32,78,878/- to the returned income. The tribunal emphasized consistency in revenue recognition practices and adherence to accounting standards, citing the application of Accounting Standard 7. It held that the Assessing Officer erred in making additions for the assessment year 2014-15 when revenue recognition was consistent in subsequent years. The tribunal referenced legal principles from a Supreme Court judgment to support its decision, deeming the Assessing Officer's addition unjustified. Case-Laws Income Tax Tue, 30 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396488