ITAT uphold applicability of AS-7 to contract of building Simulators for Ministry of Defence

IT : Where assessee, engaged in design, development and installation of simulators for civil and defence sectors, entered into contracts with Ministry of Defence for building such simulators and pointed out that as completion of construction contract will be falling different financial year and it will be difficult to assign corresponding revenue for construction already completed, AS-7 was applied with a view to give correct state of financials and, therefore,

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