Risk-based postal import clearance standardises electronic assessment, document requests, duty realisation and delivery controls at Foreign Post Offic...
Customs Cargo Service Provider appointment extends custodianship to additional terminal land, subject to cargo-control, security and licence condition...
Post-search scrutiny assessment remains available where original assessment limitation is unexpired, permitting timely completion under regular assess...
Addition on account of revenue recognition following percentage of completion method (POCM) - as per AO assessee had incurred substantial expenses on construction but the revenue had not been recognized on the basis of percentage of completion method - It was found by the ITAT that the Assessee had already shown 98.62% of the total revenue in subsequent years based on POCM. The Tribunal agreed with the Assessee's contention that revenue recognition based on POCM in the current year would lead to complications and would not benefit the Revenue. - The addition made by the Assessing Officer was deleted based on these findings.
Addition on account of revenue recognition following percentage of completion method (POCM) - as per AO assessee had incurred substantial expenses on construction but the revenue had not been recognized on the basis of percentage of completion method - It was found by the ITAT that the Assessee had already shown 98.62% of the total revenue in subsequent years based on POCM. The Tribunal agreed with the Assessee's contention that revenue recognition based on POCM in the current year would lead to complications and would not benefit the Revenue. - The addition made by the Assessing Officer was deleted based on these findings.
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