Part DCA - Safe Harbour Rules for income referred to in clause (i) of sub-section (1) of section 9 chargeable to tax under the head (From Rule 10TI to Rule 10TIC)
Highway project profit computation requires separate accounts, accountant certification, and prescribed methods for exemption-linked reporting. Profits from housing or other activities integral to a highway project are to be computed either under the regular method of accounting, where annual profits can be so determined, or otherwise on the basis of the percentage of completion during the relevant previous year. Assessees must maintain separate accounts for these activities and obtain a certificate from an accountant specifying the amount credited to the reserve account and the amount utilised for the highway project. The certificate is to be furnished in the prescribed form.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Highway project profit computation requires separate accounts, accountant certification, and prescribed methods for exemption-linked reporting.
Profits from housing or other activities integral to a highway project are to be computed either under the regular method of accounting, where annual profits can be so determined, or otherwise on the basis of the percentage of completion during the relevant previous year. Assessees must maintain separate accounts for these activities and obtain a certificate from an accountant specifying the amount credited to the reserve account and the amount utilised for the highway project. The certificate is to be furnished in the prescribed form.
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