Application of percentage completion method for computation of ...

Case Laws Income Tax

August 17, 2013

Application of percentage completion method for computation of profit real-estate business – a ratio of the basic cost (total) to the other (total) costs (for the entire project) be worked out, which percentage would then be applied for each year, including the current year, in proportion to the other cost for that year. - AT

View Source

← Previous Next →

Application of percentage completion method for computation of ...

Case Laws Income Tax

August 17, 2013

You may also like:

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

Determination of income - The Tribunal agreed with the Ld. CIT(A)'s finding that the assessee, a real estate developer, has consistently followed the Project Completion...

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

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....

Inclusion of land in Working of cost of the real estate development project - if the cost of land is included in the percentage of the project completion, then it would...

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

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

Transfer Pricing Adjustments - Selection of the most appropriate method (MAM) for determining the arm's length price (ALP) - The assessee's choice to adopt the 'other...

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...

Revenue recognition - AO will not be justified to work out the profit by applying percentage of completion method during the impugned year on selective basis - AT

Method of accounting and accounting standard has been regularly followed - assessing authority could not change the method regularly adopted by the assessee from Project...

CIRP - Completion of Real estate project during the Proceedings - Appellant filed an application seeking permission for unsecured and secured financial creditors to vote...

U.P. RERA - Refund of the investment made along with interest to allottees under Section 31 of of The Real Estate(Regulation and Development) Act, 2016 and The Uttar...

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

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...

Quick Updates: