Commitment proceedings gain extended timelines, structured defect refiling, and automatic resumption of inquiry after the adjusted completion period e...
Centralised assessment transfer becomes unwarranted once the searched person's assessment is complete, requiring restoration to the appropriate charge...
Co-operative deduction eligibility excludes refund and commercial-bank interest, while qualifying co-operative investments require entity-wise verific...
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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 Method (PCM) for revenue recognition, which was accepted by the department in earlier years. The Tribunal referenced various judicial precedents to assert that the PCM is a recognized method of accounting for real estate developers and that changing the accounting method based on the Guidance Note on Accounting for Real Estate Transactions (Revised 2012) was not justified.
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 Method (PCM) for revenue recognition, which was accepted by the department in earlier years. The Tribunal referenced various judicial precedents to assert that the PCM is a recognized method of accounting for real estate developers and that changing the accounting method based on the Guidance Note on Accounting for Real Estate Transactions (Revised 2012) was not justified.
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