Revenue recognition - Accounting method - determination of ...

High Court Dismisses Revenue Appeal; Upholds Project Completion Method for Income Recognition Consistency in Accounting Practices.

July 30, 2022

Case Laws Income Tax HC

Revenue recognition - Accounting method - determination of income on completion of its projects - the method of accounting, namely, the project completion method was followed by the assessee and has been accepted by the Department and, thus, by applying the principle of consistency, the appeal of the revenue is dismissed. - HC

View Source

← Previous Next →

Revenue recognition - Accounting method - determination of ...

High Court Dismisses Revenue Appeal; Upholds Project Completion Method for Income Recognition Consistency in Accounting Practices.

July 30, 2022

Case Laws Income Tax HC

You may also like:

The assessee followed the project completion method for income recognition since inception. The transitional provisions stipulate that for projects commenced before...

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

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...

ITAT partially allowed the assessee's appeal regarding amounts found in a diary and surrendered by a director. The Tribunal held that since the surrendered amount...

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...

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...

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

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...

Revenue recognition - Profit offered during the survey proceeding - profit determined on the project undertaken by the assessee - Method of accounting - CIT has rightly...

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

Income recognition from contract activity - recognition income on reimbursement - AS-7 - there is no change so far as “cost based” percentage completion method in...

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

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

Revenue recognition - method of accounting by way of 'project completion method' - Tribunal had rightly considered that the method of accounting followed by the assessee...

The ITAT addressed a case involving a change in accounting policy from Percentage of Completion Method (POCM) to Project Completion Method (PCM) for revenue recognition....

Quick Updates: