TMI BlogRevenue recognition - Acceptability of correct method of accounting as per accounting standard and...Revenue recognition - Acceptability of correct method of accounting as per accounting standard and revised guidance note - As stated earlier the Accounting standards and guidance notes are applied to present the financial statement reliably and for consistency. Certainly not for filing return of income. In the given case assessee is an LLP and no doubt accounting standard and guidance note is applicable to the assessee, however, the revenue sharing method and revenue declared by the assessee as ..... ..... X X X X Extracts X X X X X X X X Extracts X X X X
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