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Pr. Commissioner of Income Tax (Central) Versus Indrapuram Habitat Centre Pvt. Ltd.

2017 (11) TMI 858 - DELHI HIGH COURT

Accepting the method of treatment of revenue and income by ITAT - assessee is a developer and undertakes construction projects including those of commercial buildings - AO ought to bring additional amount to tax on the ground that even while the asse .....

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Completion Method - Held that:- It is an established legal proposition that an assessee can follow any recognized method of accounting and the condition is that the same method has to be followed consistently. Since the assessee in the instant ca .....

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of the opinion that the instances pointed out by the ITAT, in the present case, are significant both in the previous assessment year as well as in the subsequent assessment years, the AO appears to have accepted the system of accounting. There is .....

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question of law. - ITA 476/2017, ITA 479/2017 - Dated:- 6-11-2017 - S. Ravindra Bhat And Sanjeev Sachdeva, JJ. For the Appellant : Mr. Rahul Chaudhary, Advocate For the Respondent : None ORDER 1. The question, which the Revenue urges in these two app .....

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mount to tax on the ground that even while the assessee claimed to have followed the AS- 9 method, he neither followed the Project Completion Method i.e. the Revenue recognition on transfer of goods, he also did not apply the other more recognised me .....

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guidance note issued by the Institute of Chartered Accountants, with respect to the applicability of AS-7, to the effect that if the activity was close to construction contracts, AS-7 would apply. It was, therefore, urged that, in the present case, .....

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urbed the income by making any estimated income on the work-in-progress. There is also merit in the submission of the counsel for the assessee that the assessee has Declared huge income in the subsequent year after completion of the said project as a .....

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as well as in the subsequent assessment year. Further the AS-7 as discussed by the AO and the CIT(A) is applicable only for contractors engaged in the civil construction business and the same does not apply to builders/developers. It is an establish .....

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