Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights June 2012 Year 2012 This

Applicability of AS-7 to Developer - Since the assessee can be ...


Revenue Recognition for Developers: Apply AS-9, Not AS-7, When Assessee Qualifies as Contractor and Developer.

June 12, 2012

Case Laws     Income Tax     AT

Applicability of AS-7 to Developer - Since the assessee can be termed as a contractor as also a developer, therefore the Revenue can be recognized in terms of AS-9 and not As-7. - AT

View Source

 


 

You may also like:

  1. Deduction u/s 80IA - treating the assessee-company as a ‘Contractor’ and not ‘Developer’ by the Department - merely because in the agreement for development of...

  2. The assessee, a contractor or developer, was initially denied deduction u/s 80IA(4) by the Assessing Officer, citing the retrospective amendment introduced by the...

  3. Revenue recognition - AS7 vs. AS9 - in a situation when a contractor is also working as a developer, then the basis for recognition of Revenue should be relied on AS 9. - AT

  4. Deduction u/s.80IA(4)(i) - assessee business is in the nature of work contract - The Tribunal engaged in a thorough analysis to determine whether the assessee acted as a...

  5. Deduction u/s 80IA - merely because in the agreement for development of infrastructure facility, assessee is referred to as contractor or because if some basic...

  6. The High Court addressed the issue of disallowance u/s. 80IA(4) to determine if the assessee was a contractor or a developer of infrastructure facilities. The Court...

  7. Method of accounting - Treatment of advance received from customers as sales - Application of AS-7 to construction contractors and to builder or real estate developers.

  8. Deduction u/s 80IA(4) - Developer of works contractor - Disallowance of claim as no development of the infrastructure facility carried away - the assessee-company has...

  9. TDS u/s 194C - payment to works contract - MoU reveals that the work carried out by the developer / contractor was as per the requirements of the assessee - Demand...

  10. Income recognition rules and accounting standards for revenue from construction contracts were at issue. The assessee argued that AS-9 was not applicable as it...

  11. Unearned revenue from subscription services - AO has clearly erred in changing consistently followed method of revenue recognition adopted by the assessee.We find due...

  12. Disallowance of deduction u/s 80IA(4)(i) - The tribunal noted the distinction between a developer (who assumes significant risks and responsibilities for the project)...

  13. TDS u/s 194C - payments made to developers/contractors by assessee co-operative society - The mere fact that the contractor/developer were required to layout roads and...

  14. The assessee's claim for deduction u/s 80IA(4) was denied on the grounds that the assessee is not a developer of any infrastructure project but a simple works contractor...

  15. Deduction under Sec 80IA(4) - there is no requirement that the assessee should have been the owner of the infrastructure facility. - Every contractor may not be a...

 

Quick Updates:Latest Updates