Home Highlights June 2013 Year 2013 This

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1. Accrual of income - treating of advances received by the assessee from flat buyers as income of the assessee for AY 2006-07 - selection of Project Completion Method or...

2. Revenue recognition - Accounting method - determination of income on completion of its projects - the method of accounting, namely, the project completion method was...

3. Revision u/s 263 - Method of accounting adopted for revenue recognition of the project - The Tribunal decided that the Pr.CIT erred in directing the AO to reassess based...

4. Addition on account of revenue recognition following percentage of completion method (POCM) - as per AO assessee had incurred substantial expenses on construction but...

5. Taxability of interest of income on fixed deposits - The assessee had made fixed deposits with banks and derived interest income thereon only to recover the interest...

6. Rejection of Books of accounts - Method of accounting - Percentage completion method or project completion method - recognition/identification of income under the 1961...

7. Methods of accounting for recognizing the revenue - when the Department has not pointed out any distortion in the profit arrived at for the year under consideration by...

8. Categorization of income - Undisclosed income surrendered during survey - Charging of tax rate u/s. 115BBE - CIT(A) granted relief to the assessee by charging income at...

9. Year of taxability of amount - in the case of construction contracts, the assessee can follow either the project completion method or the percentage completion method - AT

10. Method of accounting - taxation of an amount as income - It is not the case of the revenue that the income under these projects have not been offered to tax in...

11. Determination of correct profits - percentage completion method - real estate development - when a stage is arrived that risk and rewards shift from the developer to...

12. Determination of profit on sale of Flats - the assessee has been following project completion method of recognition of revenue and this system of accounting has been...

13. Revenue recognition - Acceptability of correct method of accounting as per accounting standard and revised guidance note - As stated earlier the Accounting standards and...

14. Treatment to sale proceeds of land TDR - Method of accounting - in this case method of accounting followed by the assessee is completion of project and has offered the...

15. Accrual of income - Accounting as prescribed by accounting standard AS-7 - Completed Contract Method - for the subsequent years, it has changed from Project Completion...