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Income Tax - Highlights / Catch Notes

Home Highlights November 2022 Year 2022 This

Revenue recognition - Profit offered during the survey ...


Tax Authority Validates Percentage Completion Method for Revenue Recognition in Survey Case, Following Judicial Precedents.

November 28, 2022

Case Laws     Income Tax     AT

Revenue recognition - Profit offered during the survey proceeding - profit determined on the project undertaken by the assessee - Method of accounting - CIT has rightly approved the percentage completion method of Revenue recognition following the judicial precedents - AT

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