Tribunal Confirms Assessee's Business Differs from Insurance Firms; Accounting Standard 9 Applies for TPA Fee Revenue Recognition.

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....Income recognition - Entitlement to follow accounting standard 9 for revenue recognition in respect of TPA fee received from insurance companies - It is evident that the third party agent and the insurance company are different entities. Therefore, the finding recorded by the tribunal that the assessee's business activities do not fall under the business of insurance company is correct - HC....