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Income Tax - Highlights / Catch Notes

Home Highlights October 2019 Year 2019 This

Revenue recognition - sale of under construction flats - AO ...

Income Tax

October 24, 2019

Revenue recognition - sale of under construction flats - AO directed to make an addition, bringing to tax by percentage completion method, the revenue out of the remaining executed agreements, if any, during the impugned assessment year.

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  1. Additions against Suppressed sales - huge variance in sale price of flats - ld. AO is directed to give consequential relief by applying this weighted average rate - AT

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

  3. 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...

  4. Method of accounting - income recognition - Addition made on estimation basis on construction of housing projects - CIT(A) cannot substitute his assessment to say that...

  5. Taxability of profits arising on sale of three flats through execution of sale deeds - proportionate cost of construction for three flats out of total eight flats comes...

  6. Construction of Residential Complexes – Waiver of Pre-deposit - Therefore it is a clear case of providing service and not the case of sale of flats - 50% stay granted - AT

  7. Construction of complex on own land and sale of flats thereafter - explanation added on 1.7.2010 - such explanation is prospective in nature - AT

  8. Estimating the profit on alleged unrecorded sales - A.O. directed to make addition by estimating profit @ 15% of the amount so deposited in the bank account with respect...

  9. 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...

  10. 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

 

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