https://www.taxtmi.com/caselaws?id=764986 ITAT Ahmedabad ruled against Revenue regarding undisclosed sales addition based on WIP stock differences. AO incorrectly rejected assessee's percentage completion method of accounting, which was consistently followed and previously accepted by Revenue. The method complied with ICAI Accounting Standards. Addition based on actual sales versus percentage completion method resulted in double taxation as profits were already accounted in earlier years. CIT(A) correctly deleted the addition. Revenue cannot arbitrarily change accepted accounting methods without demonstrating specific defects. en-us Tue, 31 Dec 2024 00:00:00 +0530 Fri, 23 May 2025 15:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764986 ITAT Ahmedabad ruled against Revenue regarding undisclosed sales addition based on WIP stock differences. AO incorrectly rejected assessee's percentage completion method of accounting, which was consistently followed and previously accepted by Revenue. The method complied with ICAI Accounting Standards. Addition based on actual sales versus percentage completion method resulted in double taxation as profits were already accounted in earlier years. CIT(A) correctly deleted the addition. Revenue cannot arbitrarily change accepted accounting methods without demonstrating specific defects. Case-Laws Income Tax Tue, 31 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764986