WIP Valuation on receipt basis forbidden in mercantile accounting

Brief of the Case

ITAT Pune held in the case The ACIT vs. M/s. Ambarwadikar & Co., Engineers & Contractors that It is clear that the bill raised by the assessee has been accepted by the department and for whatever reason some amount was not paid during F.Y. 2001-02 but the fact remains that there is no such dispute as claimed by the assessee. No documentary evidence has been filed by the assessee during assessment proceedings or appeal proceedings or even before us to substantiate the con

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