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2023 (6) TMI 355 - HC - Income TaxRevenue recognition - assessee used the percentage completion method for recognising revenue - Inclusion of operation and maintenance expenditure be added to the costs of contract - whether the operation and maintenance expenditure should be added to the costs of contract, while recognising revenue? - HELD THAT:- Assessee has adopted the percentage completion method, as per Accounting Standard 7, framed by the Institute of Chartered Accountants of India (ICAI). As is evident from a perusal of the impugned order, the rationale for not including operation and maintenance expenditure given by the Tribunal was, that these expenses were incurred after the construction activity is completed. We find no difficulty in accepting this rationale. Having regard to the aforesaid, we are of the view that no substantial question of law arises for our consideration.
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