https://www.taxtmi.com/caselaws?id=397728 The Tribunal upheld the decision of the CIT(A) and dismissed the Revenue's appeal regarding the revision of financial accounts by the assessee company. The revision, claiming a deduction of Rs. 9,00,00,000 due to the cancellation of a project agreement, was found to be in accordance with guidelines and the Companies Act, 1956. The Tribunal affirmed that the revision was justified, not resulting in artificial income creation or loss to the Revenue. The assessee's compliance with relevant provisions and procedures was deemed appropriate, leading to the dismissal of the Revenue's appeal. en-us Mon, 24 Aug 2020 00:00:00 +0530 Thu, 27 Aug 2020 11:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397728 The Tribunal upheld the decision of the CIT(A) and dismissed the Revenue's appeal regarding the revision of financial accounts by the assessee company. The revision, claiming a deduction of Rs. 9,00,00,000 due to the cancellation of a project agreement, was found to be in accordance with guidelines and the Companies Act, 1956. The Tribunal affirmed that the revision was justified, not resulting in artificial income creation or loss to the Revenue. The assessee's compliance with relevant provisions and procedures was deemed appropriate, leading to the dismissal of the Revenue's appeal. Case-Laws Income Tax Mon, 24 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397728