Adhoc 3% Addition to Work in Progress Challenged; AS-7 Standards Inapplicable to Pre-April 1, 2003 Contracts.

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....Method of accounting - development agreement - Adhoc addition of 3% of work in progress - assessee is regularly following project completion method of accounting for computation of its income - AS-7 is not applicable where contracts commenced prior to 1.4.2003 - AT....