The Hyderabad bench of the Income Tax Appellate Tribunal (ITAT) ruled that once unbilled revenue had been written off, it could no longer be regarded as income
The Income Tax Appellate Tribunal (ITAT), Hyderabad bench, while deleting the addition made by the Assessing Officer, held that unbilled revenue could not be considered as income once it had been written off. The assessee, Pennar Industries Ltd, engaged in the business of executing subcontract work in respect of laying power lines. During the assessment…
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