Home Highlights June 2013 Year 2013 This

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1. Accrual of income - treating of advances received by the assessee from flat buyers as income of the assessee for AY 2006-07 - selection of Project Completion Method or...

2. The assessee followed the project completion method for income recognition since inception. The transitional provisions stipulate that for projects commenced before...

3. Revenue recognition - Accounting method - determination of income on completion of its projects - the method of accounting, namely, the project completion method was...

4. Revision u/s 263 - Method of accounting adopted for revenue recognition of the project - The Tribunal decided that the Pr.CIT erred in directing the AO to reassess based...

5. Addition on account of revenue recognition following percentage of completion method (POCM) - as per AO assessee had incurred substantial expenses on construction but...

6. The ITAT addressed a case involving a change in accounting policy from Percentage of Completion Method (POCM) to Project Completion Method (PCM) for revenue recognition....

7. Rejection of Books of accounts - Method of accounting - Percentage completion method or project completion method - recognition/identification of income under the 1961...

8. Methods of accounting for recognizing the revenue - when the Department has not pointed out any distortion in the profit arrived at for the year under consideration by...

9. Taxability of interest of income on fixed deposits - The assessee had made fixed deposits with banks and derived interest income thereon only to recover the interest...

10. Year of taxability of amount - in the case of construction contracts, the assessee can follow either the project completion method or the percentage completion method - AT

11. Categorization of income - Undisclosed income surrendered during survey - Charging of tax rate u/s. 115BBE - CIT(A) granted relief to the assessee by charging income at...

12. Determination of correct profits - percentage completion method - real estate development - when a stage is arrived that risk and rewards shift from the developer to...

13. Method of accounting - taxation of an amount as income - It is not the case of the revenue that the income under these projects have not been offered to tax in...

14. The ITAT Delhi addressed the issue of accrual of income and chargeability of income-tax on surcharge income offered by the assessee on a receipt basis. The assessee...

15. Determination of profit on sale of Flats - the assessee has been following project completion method of recognition of revenue and this system of accounting has been...