Determination of profit on sale of Flats - the assessee has been ...

Case Laws Income Tax

December 8, 2022

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 followed by from year to year which can be seen from the assessment order in assessment year from 2014-15 passed u/s 143(3) dated 19.5.2015. - the additions made under the income from business by computing the income based on percentage completion method will result in double taxation which is impermissible in law. - AT

View Source

← Previous Next →

Determination of profit on sale of Flats - the assessee has been ...

Case Laws Income Tax

December 8, 2022

You may also like:

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...

Taxable event - Completion of contract - profit on sale of the flats - Advance received from VGP which in fact is the sale proceeds of the flats, on completion of the...

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

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

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

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....

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

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

Revenue recognition - Profit offered during the survey proceeding - profit determined on the project undertaken by the assessee - Method of accounting - CIT has rightly...

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...

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

Rejection of books of accounts - The explanation added by way of Notes to the Accounts was not taken note of by the ITAT when it came to the conclusion that the...

Treatment to sale proceeds of land TDR - Method of accounting - in this case method of accounting followed by the assessee is completion of project and has offered the...

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...

Rejection of books of accounts - recognition of income - Development of housing project - assessee has not followed percentage completion method as per the Guidance Note...

Quick Updates: