https://www.taxtmi.com/caselaws?id=759433 The ITAT Delhi upheld the assessee's revenue recognition method under AS-7 (Percentage Completion Method) for elevator contracts, finding it consistently followed and previously approved. The Tribunal sustained the assessee's accounting for Annual Maintenance Contract advances under AS-9, where amounts are initially recorded as advances and proportionately transferred to revenue monthly. Disallowances for TDS recoverable write-offs and depreciation on intangible assets were also decided in favor of the assessee, with the latter supported by HC precedent in Areva T D India Limited and SC decision in Smifs Securities Limited regarding depreciation eligibility under Section 32. en-us Fri, 27 Sep 2024 00:00:00 +0530 Mon, 30 Sep 2024 15:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759433 The ITAT Delhi upheld the assessee's revenue recognition method under AS-7 (Percentage Completion Method) for elevator contracts, finding it consistently followed and previously approved. The Tribunal sustained the assessee's accounting for Annual Maintenance Contract advances under AS-9, where amounts are initially recorded as advances and proportionately transferred to revenue monthly. Disallowances for TDS recoverable write-offs and depreciation on intangible assets were also decided in favor of the assessee, with the latter supported by HC precedent in Areva T D India Limited and SC decision in Smifs Securities Limited regarding depreciation eligibility under Section 32. Case-Laws Income Tax Fri, 27 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759433