Food supplement classification requires common parlance and authoritative tests, preventing treatment as proprietary Ayurvedic medicines without suppo...
Specified regulatory authority income receives conditional tax exemption, subject to non-commercial activity, unchanged income character, and return f...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return-filing...
Input tax credit conditions remain constitutionally valid, with eligible recipient claims considered under GST circulars and retrospective filing dead...
Bogus donation receipts justified commission income assessment and defeated political-party tax exemption for inaccurate accounts and reporting failur...
The ITAT upheld the assessee's method of revenue recognition under AS-9, wherein income is recognized upon execution of sale deeds and possession transfer, rejecting the AO's application of PCM under AS-7 and Section 43CB. The tribunal found the assessee consistently capitalized costs as work-in-progress and credited advances as liabilities rather than revenue, reflecting proper accounting treatment. The AO's adverse inference applying PCM was deemed erroneous as the assessee was a developer, not a contractor. Following precedents, the ITAT deleted the additions made by the lower authorities, allowing the assessee's grounds and confirming the acceptance of the revenue recognition method for the assessment year in question.
The ITAT upheld the assessee's method of revenue recognition under AS-9, wherein income is recognized upon execution of sale deeds and possession transfer, rejecting the AO's application of PCM under AS-7 and Section 43CB. The tribunal found the assessee consistently capitalized costs as work-in-progress and credited advances as liabilities rather than revenue, reflecting proper accounting treatment. The AO's adverse inference applying PCM was deemed erroneous as the assessee was a developer, not a contractor. Following precedents, the ITAT deleted the additions made by the lower authorities, allowing the assessee's grounds and confirming the acceptance of the revenue recognition method for the assessment year in question.
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