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2017 (2) TMI 682 - HC - Income TaxRevision u/s 263 - deferred revenue income showed by changing the method of accounting as per Accounting Standard (AS) -7, and it has resulted in lowering of profit - Held ITAT concluded that the invocation of Section 263 was not warranted in the circumstances of the case - that:- Ruling of the ITAT is largely based upon the recognition of AS-7 in the given facts and circumstances of the case and that in fact the matter had received scrutiny by the A.O. at the stage of the original assessment. Besides, this Court in Paras Buildtech India Pvt. Ltd. v. Commissioner of Income Tax (2015 (11) TMI 1217 - DELHI HIGH COURT ) had noted that this method is a known and recognised method of accounting, and was approved as a proper one. The Court had also relied on CIT v. Bilahari Investment Pvt. Ltd. (2008 (2) TMI 23 - SUPREME COURT ). Having regard to the factual findings of the ITAT, the Court is of the opinion that no substantial question of law arises.
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