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2022 (1) TMI 738 - HC - Income TaxRevenue recognition - Adoption of the Accounting Standard AS-7 for determination of revenue - bogus purchases - HELD THAT:- In the present case, both the learned ITAT as well as the learned CIT(A) have placed reliance on and upheld the adoption of the Accounting Standard AS-7 by the respondent-assessee for determination of its revenue. The learned counsel for the appellant does not deny that incase the case of the Revenue is to be accepted, it will also impact the revenue determination for the respondent-assessee and its profits. In any case, the dispute involved is factual in nature and no substantial question of law arises for consideration in the present appeal.
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