Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
Approved resolution plans extinguish unsubmitted pre-approval tax claims, preventing later recovery outside the insolvency process and preserving a cl...
Transfer pricing comparability requires functional alignment and permits working capital adjustment, while APA margins cannot govern non-covered years...
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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