Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
The dominant issue was whether revenue from sale of flats had to be recognized in the year under the percentage completion method due to alleged crossing of a 25% threshold, despite the assessee consistently following the project completion method. Since the assessee had offered the same sales to tax in subsequent years upon project completion, forcing recognition in the impugned year would cause impermissible double taxation; further, consistency in accepted accounting treatment could not be disturbed absent any change in facts. Accordingly, the addition for unrecognized revenue was deleted. The issue of disallowance of interest under sections 36(1)(iii) and 40A(2)(a) failed because the interest was not claimed in the profit and loss account but capitalized as work-in-progress, so no deduction was to be disallowed. - ITAT
The dominant issue was whether revenue from sale of flats had to be recognized in the year under the percentage completion method due to alleged crossing of a 25% threshold, despite the assessee consistently following the project completion method. Since the assessee had offered the same sales to tax in subsequent years upon project completion, forcing recognition in the impugned year would cause impermissible double taxation; further, consistency in accepted accounting treatment could not be disturbed absent any change in facts. Accordingly, the addition for unrecognized revenue was deleted. The issue of disallowance of interest under sections 36(1)(iii) and 40A(2)(a) failed because the interest was not claimed in the profit and loss account but capitalized as work-in-progress, so no deduction was to be disallowed. - ITAT
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