Home Highlights November 2013 Year 2013 This

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1. 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...

2. Revision u/s 263 - Income recognition method - PCIT cannot direct the AO for denovo assessment without assigning any defects or deficiencies in the method of accounting...

3. Unearned revenue from subscription services - AO has clearly erred in changing consistently followed method of revenue recognition adopted by the assessee.We find due...

4. Revision u/s 263 - assessee has chosen/adopted the Project Completion Method of accounting - It is not open to the revenue to reject a method because according to the...

5. Revision u/s 263 - The methodology adopted by the assessee for revenue recognition was being consistently followed by the assessee during previous and subsequent...

6. Revision u/s 263 - Method of revenue recognition (project completion vs. percentage completion method), and the allocation of interest and Transferable Development...

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

8. Revision u/s 263 - the ld PCIT had invoked revision jurisdiction u/s 263 of the Act on the very same point of allowability of LTCL. Hence it could be safely concluded...

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

10. TP adjustment - ALP determination - Selection or change in Most Appropriate Method (MAM) - “Other Method" v/s "CUP Method" - Assessee can resile from the most...

11. Revision u/s 263 by CIT - the assessee had duly explained as to why certain receipts though subjected to TDS, would not be liable to be offered to tax such as...

12. Revision u/s 263 - PCIT issued the above show cause notice u/s 263 in respect of specified domestic transactions referred to in clause (i) of section 92BA of the Act...

13. Revision u/s 263 - Lack of enquiry is a reason for taking up the case for revision u/s 263 of the Act but the inadequate enquiry cannot be a reason for taking up the...

14. Appraisal report available but AO ignored, a fit case for revision u/s 263 - HC

15. Revision u/s 263 - Computation of income from construction and service contracts u/s 43CB - When the assessee is consistently following the Project Completion Method...