https://www.taxtmi.com/caselaws?id=430568 The court ruled in favor of the assessee, allowing the adoption of the completed contract method for the assessment year 1986-87 over the mercantile system. Income from certified bills for work in Iraq was not taxable until project completion, rejecting a forced reversion to the mercantile system. The certified bills did not confer an enforceable right to receive payment due to a deferred payment agreement and Iraq's uncertainties. All issues were decided in favor of the assessee against the Revenue. en-us Fri, 24 Jun 2022 00:00:00 +0530 Tue, 22 Nov 2022 11:19:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430568 The court ruled in favor of the assessee, allowing the adoption of the completed contract method for the assessment year 1986-87 over the mercantile system. Income from certified bills for work in Iraq was not taxable until project completion, rejecting a forced reversion to the mercantile system. The certified bills did not confer an enforceable right to receive payment due to a deferred payment agreement and Iraq's uncertainties. All issues were decided in favor of the assessee against the Revenue. Case-Laws Income Tax Fri, 24 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430568