Home Highlights November 2013 Year 2013 This

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

2. Change in method of revenue recognition - Non recognizing income by changing the method - There is no valid explanation for claiming expenses related to the CAS services...

3. Disallowance of project management expenses claimed u/s 37 - Change in method of accounting in respect of project management expenses - assesee was well within its right...

4. Method of accounting - according to the Revenue, in respect of all the activities of the assessee, the accounting of income and expenditure should be under the same...

5. Method of accounting - mercantile system of accounting for one project and cash basis for another project - The assessee cannot choose to follow mercantile system for...

6. Method of accounting - Change in method valuation of closing stock – if there is a bona fide change in the method of accounting which is consistently followed, no...

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

8. Addition u/s 43B - Method of accounting - unpaid statutory dues of service tax, Excise and PF by changing the method of accounting - The assessee followed the exclusive...

9. Understatement of income on account of sale of energy - change in method of accounting of sales realization - if action of Ld. A.O and the Ld. CIT(A) in adding on...

10. Addition on account of difference in valuation of securiti - Reduction in profit due to change in valuation method of stock cannot be a reason to reject the claim of...

11. Assessee has right to adopt an accounting system of his choice. - Interference is permissible if the accounting system adopted is contrary to the prescribed accounting...

12. TP adjustment - ALP determination - Selection or change in Most Appropriate Method (MAM) - “Other Method" v/s "CUP Method" - Assessee can resile from the most...

13. Method of accounting u/s 145 - construction activity - PCM followed by the assessee was the right method of accounting for determining the taxable income of the assessee - AT

14. Notice u/s 148 - Method of accounting questioned - it is a case of change of opinion because the method of accounting adopted by the assessee and the TDS certificates...

15. 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...