Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
