https://www.taxtmi.com/caselaws?id=465949 Method of accounting dispute focused on revenue recognition under percentage of completion versus project completion; the tribunal noted prior acceptance of project completion method in earlier assessments, applying the principle of consistency in accounting, and treated the change as not supported by Revenue's pleadings, resulting in the deletion of the impugned addition. The decision also considered the legal distinction between a builder and a construction contractor and examined statutory guidance on profit recognition for long-term contracts, but the outcome turned on consistent prior adoption of the project completion method and consequent relief to the assessee. en-us Wed, 24 Apr 2024 00:00:00 +0530 Sat, 17 Jan 2026 08:44:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=465949 Method of accounting dispute focused on revenue recognition under percentage of completion versus project completion; the tribunal noted prior acceptance of project completion method in earlier assessments, applying the principle of consistency in accounting, and treated the change as not supported by Revenue's pleadings, resulting in the deletion of the impugned addition. The decision also considered the legal distinction between a builder and a construction contractor and examined statutory guidance on profit recognition for long-term contracts, but the outcome turned on consistent prior adoption of the project completion method and consequent relief to the assessee. Case-Laws Income Tax Wed, 24 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=465949