Tax Case Validates Income Recognition for Partially Completed Projects.

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....Accrual of income - Recognition of income - Additions based on Final Projections while making application u/s 197 - Actual financial results were to be accepted. Assessee was unable to complete the project it had estimated and accordingly, it has recognized revenue only for the portion of the work that has been completed and certified. The same, in our considered opinion, is correct methodology. - AT....