Determination of profit on sale of Flats - the assessee has been ...

Income Tax

December 8, 2022

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 followed by from year to year which can be seen from the assessment order in assessment year from 2014-15 passed u/s 143(3) dated 19.5.2015. - the additions made under the income from business by computing the income based on percentage completion method will result in double taxation which is impermissible in law. - AT

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Determination of profit on sale of Flats - the assessee has been ...

Income Tax

December 8, 2022

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