https://www.taxtmi.com/caselaws?id=445861 ITAT Chennai held that AO's additions based on projected contract revenue from section 197 applications were unjustified. The foreign Singapore company properly recognized revenue based on actual certified work completion rather than initial projections. Project duration extended beyond original contract period, explaining variance between estimated and actual revenue. No defects found in books of accounts. Revenue recognition methodology was correct as aggregate contract revenue would be taxed over entire contract life spanning 2012-13 to 2022-23. Additions deleted, decided in favor of assessee. en-us Wed, 08 Nov 2023 00:00:00 +0530 Tue, 21 Nov 2023 12:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445861 ITAT Chennai held that AO's additions based on projected contract revenue from section 197 applications were unjustified. The foreign Singapore company properly recognized revenue based on actual certified work completion rather than initial projections. Project duration extended beyond original contract period, explaining variance between estimated and actual revenue. No defects found in books of accounts. Revenue recognition methodology was correct as aggregate contract revenue would be taxed over entire contract life spanning 2012-13 to 2022-23. Additions deleted, decided in favor of assessee. Case-Laws Income Tax Wed, 08 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445861