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Income Tax - Highlights / Catch Notes

Home Highlights August 2014 Year 2014 This

Assessee having consistently followed percentage completion ...

Case Laws     Income Tax

August 8, 2014

Assessee having consistently followed percentage completion method as per the accounting standards and completed the project in the later years, no addition could be made on the advances received during the year - AT

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  4. Revenue recognition based on Accounting Standard (AS) 7 for advance received from customers under contracts - assessee followed Percentage Completion Method (PCM)...

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  10. 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...

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