https://www.taxtmi.com/highlights?id=75685 Addition on account of revenue recognition following percentage of completion method (POCM) - as per AO assessee had incurred substantial expenses on construction but the revenue had not been recognized on the basis of percentage of completion method - It was found by the ITAT that the Assessee had already shown 98.62% of the total revenue in subsequent years based on POCM. The Tribunal agreed with the Assessee's contention that revenue recognition based on POCM in the current year would lead to complications and would not benefit the Revenue. - The addition made by the Assessing Officer was deleted based on these findings. en-us Thu, 14 Mar 2024 07:43:34 +0530 Thu, 14 Mar 2024 07:43:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=75685 Addition on account of revenue recognition following percentage of completion method (POCM) - as per AO assessee had incurred substantial expenses on construction but the revenue had not been recognized on the basis of percentage of completion method - It was found by the ITAT that the Assessee had already shown 98.62% of the total revenue in subsequent years based on POCM. The Tribunal agreed with the Assessee's contention that revenue recognition based on POCM in the current year would lead to complications and would not benefit the Revenue. - The addition made by the Assessing Officer was deleted based on these findings. Highlights Income Tax Thu, 14 Mar 2024 07:43:34 +0530 https://www.taxtmi.com/highlights?id=75685