https://www.taxtmi.com/caselaws?id=450836 The ITAT Delhi dismissed the revenue's appeal on two grounds. Regarding revenue recognition under percentage of completion method (POCM), the tribunal upheld CIT(A)'s deletion of addition, noting the assessee began offering income under POCM from AY 2015-16 onwards with same tax rates applying to both years, making the revenue's attempt to shift taxability year purely academic. On disallowance under section 14A, the tribunal followed Era Infrastructure Ltd precedent holding that without exempt income, section 14A disallowance cannot apply. Both revenue grounds were dismissed. en-us Tue, 12 Mar 2024 00:00:00 +0530 Wed, 13 Mar 2024 15:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450836 The ITAT Delhi dismissed the revenue's appeal on two grounds. Regarding revenue recognition under percentage of completion method (POCM), the tribunal upheld CIT(A)'s deletion of addition, noting the assessee began offering income under POCM from AY 2015-16 onwards with same tax rates applying to both years, making the revenue's attempt to shift taxability year purely academic. On disallowance under section 14A, the tribunal followed Era Infrastructure Ltd precedent holding that without exempt income, section 14A disallowance cannot apply. Both revenue grounds were dismissed. Case-Laws Income Tax Tue, 12 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450836