https://www.taxtmi.com/caselaws?id=761232 ITAT Kolkata held that the assessee was entitled to continue using the project completion method for income recognition instead of the percentage completion method mandated by ICDS III. The tribunal applied transitional provisions allowing projects commenced before 31.03.2016 but incomplete by that date to follow the previously adopted accounting method. Since the assessee had consistently used project completion method since inception, the AO's application of percentage completion method was unjustified. The addition made by AO was set aside and the assessee's appeal was allowed. en-us Tue, 06 Aug 2024 00:00:00 +0530 Mon, 16 Dec 2024 11:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761232 ITAT Kolkata held that the assessee was entitled to continue using the project completion method for income recognition instead of the percentage completion method mandated by ICDS III. The tribunal applied transitional provisions allowing projects commenced before 31.03.2016 but incomplete by that date to follow the previously adopted accounting method. Since the assessee had consistently used project completion method since inception, the AO's application of percentage completion method was unjustified. The addition made by AO was set aside and the assessee's appeal was allowed. Case-Laws Income Tax Tue, 06 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761232