Clean slate principle extinguishes uncrystallised operational claims and bars continuation of pending recovery and arbitral proceedings after plan app...
Works contract classification governs composite layout-development contracts where VAT-paid goods are transferred alongside construction and infrastru...
Specified income tax exemption for pollution control body remains conditional on non-commercial activity, unchanged income character, and return filin...
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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