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Income Tax - Highlights / Catch Notes

Home Highlights August 2013 Year 2013 This

Application of percentage completion method for computation of ...

Income Tax

August 17, 2013

Application of percentage completion method for computation of profit real-estate business – a ratio of the basic cost (total) to the other (total) costs (for the entire project) be worked out, which percentage would then be applied for each year, including the current year, in proportion to the other cost for that year. - AT

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  1. Method of accounting - Treatment of advance received from customers as sales - Application of AS-7 to construction contractors and to builder or real estate developers.

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

  3. Determination of income - The Tribunal agreed with the Ld. CIT(A)'s finding that the assessee, a real estate developer, has consistently followed the Project Completion...

  4. Receipt of liquidated damages - Surplus in our opinion had all the features of business profit, since assessee’s adventure or foray into real estate development was...

  5. Real estate agent / booking agent - Difference between commission as per TDS certificate and commission as shown in the profit and loss account. - AT

  6. Revenue recognition - AO will not be justified to work out the profit by applying percentage of completion method during the impugned year on selective basis - AT

  7. CGST rate of certain goods prescribed for real estate sector

  8. Cenvat Credit - appellants are entitled for input service credit on real estate agent - Credit allowed - AT

  9. Classification of services - Real estate agent services or not - it is not merely the real estate consultant but any person who facilitates getting any property /real...

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

 

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