High Court Affirms Use of AS-9 Over AS-7, Validating Long-Standing Accounting Practice for Entity's Financial Reporting.

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....Recognized system of accounting - maintain its accounts according to AS-7 or AS-9 - the system of accounting followed by it for the last many years as per AS-9 - Department cannot reject the said system followed by it for the reason that it ought to have followed the other recognized system AS-7 system i.e. percentage completion system - HC....