https://www.taxtmi.com/caselaws?id=414143 The Tribunal upheld the Ld. Commissioner of Income-tax (Appeals) [CIT(A)]'s decision to delete the addition made by the Assessing Officer (AO) based on the Percentage of Completion Method (POCM) for revenue recognition. It found that the assessee's consistent use of the 'completed contract method' for revenue recognition was appropriate for real estate transactions, supported by judicial decisions and ICAI guidance. The Tribunal emphasized the rule of consistency and rejected the AO's reliance on AS-7 meant for contractors, not developers. The appeal was dismissed, affirming the CIT(A)'s order in favor of the assessee. en-us Thu, 21 Oct 2021 00:00:00 +0530 Thu, 28 Oct 2021 11:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414143 The Tribunal upheld the Ld. Commissioner of Income-tax (Appeals) [CIT(A)]'s decision to delete the addition made by the Assessing Officer (AO) based on the Percentage of Completion Method (POCM) for revenue recognition. It found that the assessee's consistent use of the 'completed contract method' for revenue recognition was appropriate for real estate transactions, supported by judicial decisions and ICAI guidance. The Tribunal emphasized the rule of consistency and rejected the AO's reliance on AS-7 meant for contractors, not developers. The appeal was dismissed, affirming the CIT(A)'s order in favor of the assessee. Case-Laws Income Tax Thu, 21 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414143