ITAT Delhi Deletes ₹4.30 Cr Addition Due to Timing Difference in Revenue Recognition

Halcrow Group Ltd. Vs DCIT (ITAT Delhi) The Income Tax Appellate Tribunal (ITAT), Delhi, adjudicated an appeal concerning an addition of ₹4,30,05,774 made by the Assessing Officer (AO) on account of change in the method of revenue recognition. The assessee, a UK-based company engaged in infrastructure planning, design, and management services, filed its return for AY 2013–14 declaring a loss. During the relevant year, it was executing the Kishanganga project in Jammu and Kashmir and recognized revenue using the percentage of completion method. The dispute arose because the assessee changed...