2007 (8) TMI 339

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....y K. RAVIRAJA PANDIAN J. -  The assessment year is 2001-2002. The appeal is filed by the revenue against the order of the Appellate Tribunal dated 23.3.2007 made in I.T.A. No.2931/Madras/04 by the Income-tax Appellate Tribunal, Madras. 2. The facts as culled out from the statement of facts stated by the revenue are as follows: The assessee is a non-resident Company carrying on busine....

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....ssessing officer, the assessee filed an appeal before the Commissioner of Income-tax (Appeals), who confirmed the order of the assessing officer. A further appeal came to be filed at the instance of the assessee before the Income-tax Appellate Tribunal and the Tribunal remanded the issue back to the assessing officer to determine the stage to which the project was completed during the relevant yea....

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.... not a situation that the outcome of the contract being able to be estimated reliably. 4. We heard the argument of the learned counsel for the revenue and perused the materials on record. 5. As seen from the order of the Appellate tribunal, as per Clause 21 of the Accounting Standard 7, expenditure could be allowed depending on the stage to which contract work was completed. The authorities ....