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Income Tax - Highlights / Catch Notes

Home Highlights November 2023 Year 2023 This

Accrual of income - Recognition of income - Additions based on ...

Income Tax

November 21, 2023

Accrual of income - Recognition of income - Additions based on Final Projections while making application u/s 197 - Actual financial results were to be accepted. Assessee was unable to complete the project it had estimated and accordingly, it has recognized revenue only for the portion of the work that has been completed and certified. The same, in our considered opinion, is correct methodology. - AT

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