https://www.taxtmi.com/caselaws?id=405911 The High Court of Karnataka dismissed the Revenue's appeals challenging the non-application of Accounting Standard AS-7 to a real estate developer and the use of the completed contract method over the percentage completion method for revenue recognition. The Court upheld the completed contract method chosen by the assessee, emphasizing revenue neutrality and consistency in approach. The judgment stressed the importance of adhering to accounting standards and methods of computation, ultimately ruling in favor of the assessee based on legal precedents and the Revenue's own practices in subsequent assessment years. en-us Mon, 22 Mar 2021 00:00:00 +0530 Thu, 01 Apr 2021 08:46:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405911 The High Court of Karnataka dismissed the Revenue's appeals challenging the non-application of Accounting Standard AS-7 to a real estate developer and the use of the completed contract method over the percentage completion method for revenue recognition. The Court upheld the completed contract method chosen by the assessee, emphasizing revenue neutrality and consistency in approach. The judgment stressed the importance of adhering to accounting standards and methods of computation, ultimately ruling in favor of the assessee based on legal precedents and the Revenue's own practices in subsequent assessment years. Case-Laws Income Tax Mon, 22 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405911