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Commissioner of Income Tax-1 Versus Ansal Land Mark Township (P) Ltd.

2015 (3) TMI 403 - DELHI HIGH COURT

Revenue recognition - Applicability of accounting standard was AS-7 rejected - differential treatment of revenue on the basis of whether it was development of plots or construction of flats. The assessee had inter alia contended that AS-9 has provide .....

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ld not have been the basis for the additions made. Under such circumstances, in our opinion, the correct approach should be to examine the reasonableness of claim rather than strictly apply a guidance note, formulated and published later. - ITA 162 .....

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order of the ITAT dated 21.7.2014 whereby its contentions with respect to two issues were rejected by the Tribunal. 2. The brief facts are that the assessment was completed under Section 143(3) on 24.12.2010 for AY 2008-09. The assessee engages itsel .....

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AS-7 rejecting the assessee's arguments with regard to differential treatment of revenue on the basis of whether it was development of plots or construction of flats. The assessee had inter alia contended that AS-9 has provided the flexibility to .....

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