https://www.taxtmi.com/caselaws?id=470094 Recomputation of profits under Accounting Standard 7 requires fresh examination where the assessee contests the treatment of reimbursements payable under third-party contracts as business expenditure and submits supporting material. The profit-related addition is remitted to the Assessing Officer for de novo adjudication after providing an opportunity to the assessee. Tax deducted at source credit on mobilisation advances is not available in the relevant year where the corresponding income has not been recognised or offered to tax during that year. The denial of that credit therefore remains undisturbed. en-us Mon, 17 Mar 2025 00:00:00 +0530 Wed, 15 Jul 2026 18:59:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470094 Recomputation of profits under Accounting Standard 7 requires fresh examination where the assessee contests the treatment of reimbursements payable under third-party contracts as business expenditure and submits supporting material. The profit-related addition is remitted to the Assessing Officer for de novo adjudication after providing an opportunity to the assessee. Tax deducted at source credit on mobilisation advances is not available in the relevant year where the corresponding income has not been recognised or offered to tax during that year. The denial of that credit therefore remains undisturbed. Case-Laws Income Tax Mon, 17 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470094