Income Estimation Must Be Reasonable; Arbitrary Additions to Project Accounts Without Justification Are Unsustainable. https://www.taxtmi.com/highlights?id=64186 Revenue recognition - accrual of income - Estimation of income - Even if books have been rejected the estimation of income has to be done on a reasonable basis as per past performance or the prevalent industry norms. Devoid of any reasoning, addition of 20% of salaries and incentive to project account is solely based upon surmises and conjectures, hence not sustainable in law. - AT en-us Tue, 21 Jun 2022 08:56:40 +0530 Tue, 21 Jun 2022 08:56:40 +0530 TaxTMI RSS Generator Income Estimation Must Be Reasonable; Arbitrary Additions to Project Accounts Without Justification Are Unsustainable. https://www.taxtmi.com/highlights?id=64186 Revenue recognition - accrual of income - Estimation of income - Even if books have been rejected the estimation of income has to be done on a reasonable basis as per past performance or the prevalent industry norms. Devoid of any reasoning, addition of 20% of salaries and incentive to project account is solely based upon surmises and conjectures, hence not sustainable in law. - AT Highlights Income Tax Tue, 21 Jun 2022 08:56:40 +0530 https://www.taxtmi.com/highlights?id=64186