https://www.taxtmi.com/highlights?id=74866 Determination of income - The Tribunal agreed with the Ld. CIT(A)'s finding that the assessee, a real estate developer, has consistently followed the Project Completion Method (PCM) for revenue recognition, which was accepted by the department in earlier years. The Tribunal referenced various judicial precedents to assert that the PCM is a recognized method of accounting for real estate developers and that changing the accounting method based on the Guidance Note on Accounting for Real Estate Transactions (Revised 2012) was not justified. en-us Tue, 13 Feb 2024 11:50:51 +0530 Tue, 13 Feb 2024 11:50:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=74866 Determination of income - The Tribunal agreed with the Ld. CIT(A)'s finding that the assessee, a real estate developer, has consistently followed the Project Completion Method (PCM) for revenue recognition, which was accepted by the department in earlier years. The Tribunal referenced various judicial precedents to assert that the PCM is a recognized method of accounting for real estate developers and that changing the accounting method based on the Guidance Note on Accounting for Real Estate Transactions (Revised 2012) was not justified. Highlights Income Tax Tue, 13 Feb 2024 11:50:51 +0530 https://www.taxtmi.com/highlights?id=74866