Interactive flat panels meeting automatic data processing conditions are distinguished from monitors, while later classification clarifications apply ...
Statutory transfer formalities invalidated alleged share and property transfers, while retrospective record manipulation constituted oppression and mi...
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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