https://www.taxtmi.com/caselaws?id=294066 The tribunal ruled in favor of the assessee on various issues, including the disallowance of provisions for costs on completed and incomplete contracts, taxation of income under the "Percentage of Completion" method, and excess progress billings. The tribunal emphasized the importance of consistency in accounting practices and past decisions, allowing the appeal in part and awaiting outcomes on certain pending issues. The revenue was favored on the issue of depreciation deduction on software expenses, while interest levies were deemed consequential and not adjudicated. en-us Fri, 07 Aug 2020 00:00:00 +0530 Thu, 18 Mar 2021 09:30:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=294066 The tribunal ruled in favor of the assessee on various issues, including the disallowance of provisions for costs on completed and incomplete contracts, taxation of income under the "Percentage of Completion" method, and excess progress billings. The tribunal emphasized the importance of consistency in accounting practices and past decisions, allowing the appeal in part and awaiting outcomes on certain pending issues. The revenue was favored on the issue of depreciation deduction on software expenses, while interest levies were deemed consequential and not adjudicated. Case-Laws Income Tax Fri, 07 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=294066