https://www.taxtmi.com/caselaws?id=465945 Method of revenue recognition for development projects: dispute over AO's switch from project completion method to percentage of completion method and consequent addition to business income. Tribunal examined applicability of Accounting Standard 7, AS 9 and Guidance Note, and noted that ICDS-III (applicable from 01.04.2015) on construction contracts did not apply to the assessment year in question or to the development project at hand. Tribunal found the assessee consistently applied and the department previously accepted the project completion method, concluded the Revenue's change to percentage of completion was unsustainable, and directed acceptance of the assessee's reported net profits. en-us Fri, 27 Jan 2023 00:00:00 +0530 Sat, 17 Jan 2026 08:44:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=465945 Method of revenue recognition for development projects: dispute over AO's switch from project completion method to percentage of completion method and consequent addition to business income. Tribunal examined applicability of Accounting Standard 7, AS 9 and Guidance Note, and noted that ICDS-III (applicable from 01.04.2015) on construction contracts did not apply to the assessment year in question or to the development project at hand. Tribunal found the assessee consistently applied and the department previously accepted the project completion method, concluded the Revenue's change to percentage of completion was unsustainable, and directed acceptance of the assessee's reported net profits. Case-Laws Income Tax Fri, 27 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=465945