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2015 (3) TMI 403 - DELHI HIGH COURT

2015 (3) TMI 403 - DELHI HIGH COURT - TMI - 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 provided the flexibility to treat development of cost of group housing residential projects at 30% whereas in the case of development of plots it could claim 50% towards cost - Held that:- This Court notices that .....

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ne ORDER 1. The revenue is aggrieved by the 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 itself, inter alia, in the business of developing housing and commercial real estate projects and their sale. It had applied accountancy standard AS-9 which applies to real estate business. The assessing officer .....

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