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

Court Rules Against Double Taxation: Confirms Project Completion Method for Revenue Recognition in Flat Sales.

December 8, 2022

Case Laws Income Tax AT

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 ...

Court Rules Against Double Taxation: Confirms Project Completion Method for Revenue Recognition in Flat Sales.

December 8, 2022

Case Laws Income Tax AT

You may also like:

ITAT partially allowed the assessee's appeal regarding amounts found in a diary and surrendered by a director. The Tribunal held that since the surrendered amount...

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...

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...

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...

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

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

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

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

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

Accrual of income - Accounting as prescribed by accounting standard AS-7 - Completed Contract Method - for the subsequent years, it has changed from Project Completion...

Method of communication of notice - The High Court examined the provisions of Section 282(1) of the Income Tax Act, 1961 and Rule 127(1) of the Income Tax Rules, 1962...

Section 80IB deduction denied due to non-completion of project within stipulated period u/s 80IB(10) by 31.03.2008 and commercial construction exceeding limit under...

Revision u/s 263 - Method of revenue recognition (project completion vs. percentage completion method), and the allocation of interest and Transferable Development...

Quick Updates: