ITAT allows deduction of Rs. 26 Cr  of Unbilled Revenue written off

Pennar Industries Ltd Vs DCIT (ITAT Hyderabad) Introduction: In a recent case, Pennar Industries Ltd challenged the order dated 07.08.2023 of the CIT (A)-NFAC, Delhi, before the ITAT Hyderabad for the assessment year 2018-19. The primary contention revolved around the disallowance of Rs.26 Crores claimed by the assessee as an adjustment under ICDS-IV (Income Computation and Disclosure Standards). The crux of the matter was the treatment of unbilled revenue, which the ITAT ruled on, providing significant insights. Detailed Analysis: The key issue centered around the disallowance of Rs.26 Crores...