No infirmity if real estate developer changes its method of accounting in view of revised AS-7: HC

INCOME TAX : Where for previous year, revenue had accepted method of accounting followed by assessee-real estate developer and in light of ICAI guidance note of AS-7 as applicable to real estate developers, assessee itself had changed its method of accounting for subsequent year from Project Completion Method to Percentage Completion Method, in view of fact that effect was revenue neutral in assessment year in question, no addition could be made

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