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    Consequential assessment orders allowing verified purchases bind the Department, making challenges to purchase disallowances infructuous after remand.
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      Determination of profit on sale of Flats - the assessee has been...

      Court Rules Against Double Taxation: Confirms Project Completion Method for Revenue Recognition in Flat Sales.

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      Income TaxDecember 8, 2022Case LawsAT
      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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      ActsIncome Tax