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2014 (1) TMI 982 - AT - Income TaxRevenue recognition for advertising agencies - Held that:- For advertising agencies, media commissions will normally be recognised when the related advertisement or commercial appears before the public and the necessary intimation is received by the agency - The assessee has received pre-billing payment - Assessee treats this advance as advance for advertisement receipts and recognises the revenue as income when the directories are complete, published and put to public circulation. The above method of accounting adopted by the assessee is in accordance with AS-9 of the Institute of Chartered Accountant of India - The method of accounting adopted by the assessee is in consonance with the AS-9 and the same is also mentioned in Schedule 21 to the needs of the assessee - Following CIT vs. Excel Industries Ltd. [2013 (10) TMI 324 - SUPREME COURT] - The accrual of income must be considered from a realistic and practical angle - If Department has accepted the verdict in some year it cannot be allowed to challenge verdict in other years and dispute as to the year of taxability with no / meagre tax effect should not be raised by Department - Decided against Revenue.
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