Revenue recognition - threshold limit

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..... Revenue recognition - threshold limit
Query (Issue) Started By: - hubert fernandes Dated:- 31-12-2009 Last Reply Date:- 4-1-2010 Income Tax
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Income Tax
we are builders and have .....

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..... adapted percentage completion method of revenue recognition as prescribed in AS7.However revenue on sale agreements is recognised only when we reach a threshold limit of 20% vis a vis the estimated c .....

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..... ost.I would appreciate if any case laws are referred wherein such threshold limits are allowed for computation of business profits Reply By Surender Gupta: The Reply: In my view any case law on the s .....

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..... ubject would be based on case to case basis because this issue is an issue of fact and facts may be different in each case. The recognition of revenue as per your agreement to the extent meets the req .....

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..... uirements of AS7 or related standard issued by ICAI itself is a satisfactory situation.
Discussion Forum - Knowledge Sharing .....

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