Addition of revaluation of closing WIP - the work in progress ...

Adhoc Addition to Closing WIP Deviates from Consistent Practices Under AS 7 and Section 145 Compliance.

June 1, 2019

Case Laws Income Tax AT

Addition of revaluation of closing WIP - the work in progress followed at cost + net profit so as to bring the contract revenue for the period lying with the requirement of AS 7 as prescribed by ICAI and adopted u/s 145 - method of accounting consistently followed year after year - adhoc addition wrongly made

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Addition of revaluation of closing WIP - the work in progress ...

Adhoc Addition to Closing WIP Deviates from Consistent Practices Under AS 7 and Section 145 Compliance.

June 1, 2019

Case Laws Income Tax AT

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