Revenue recognition Methodology accepted by Revenue must remain unchanged across years until and unless modified in Initial year: ITAT [Read Order]
The method of recognizing the revenue adopted by the assessee and accepted by the revenue cannot be changed in the earlier and later years until and unless modified in initial year
In a recent ruling, the Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) emphasized the principle of consistency in revenue recognition methodologies across fiscal years unless modified in the initial year. The ITAT bench observed that “once a method of recognizing the revenue adopted by the assessee and accepted by the revenue…
Your free access to Taxscan has Expired
To read the article, get a premium account.
Taxscan Premium
Why should you subscribe?
Enjoy our website without interruptions from advertisements
Receive Daily newsletters
Receive realtime Telegram/Whatsapp news updates
Download original Judgements / Order / Notifications / Circulars, etc
