https://www.taxtmi.com/caselaws?id=440588 The court upheld the validity of the project completion method of accounting adopted by the assessee for the relevant assessment years. It deemed the method appropriate and consistent with previous years, emphasizing the principle of consistency in accounting practices. Additionally, the court determined that the Udyog Sahayak Expenses incurred were of revenue nature, not capital, as they were for the furtherance of business and industrialization. The appeals filed by the revenue were dismissed, affirming the decisions of the CIT (A) and the Tribunal on both issues. en-us Wed, 18 Jan 2023 00:00:00 +0530 Fri, 21 Jul 2023 08:27:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440588 The court upheld the validity of the project completion method of accounting adopted by the assessee for the relevant assessment years. It deemed the method appropriate and consistent with previous years, emphasizing the principle of consistency in accounting practices. Additionally, the court determined that the Udyog Sahayak Expenses incurred were of revenue nature, not capital, as they were for the furtherance of business and industrialization. The appeals filed by the revenue were dismissed, affirming the decisions of the CIT (A) and the Tribunal on both issues. Case-Laws Income Tax Wed, 18 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440588