https://www.taxtmi.com/highlights?id=83437 The assessee was entitled to follow the 'project completion method' consistently for recognizing revenue, as it had not achieved the minimum threshold for applying the 'percentage completion method'. The commission/brokerage expenses were allowable in the year incurred, and differences between sales shown in GST returns and Income Tax Returns were justified due to different statutory requirements. The ITAT remanded the issues of disallowance of architect and professional fees, and disallowance u/s 40(a)(ia) for transportation charges, to the Assessing Officer for fresh adjudication after providing reasonable opportunity to the assessee to substantiate claims with relevant documents. The ITAT's decision upheld the assessee's consistent accou..... en-us Thu, 28 Nov 2024 07:48:51 +0530 Thu, 28 Nov 2024 07:48:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=83437 The assessee was entitled to follow the 'project completion method' consistently for recognizing revenue, as it had not achieved the minimum threshold for applying the 'percentage completion method'. The commission/brokerage expenses were allowable in the year incurred, and differences between sales shown in GST returns and Income Tax Returns were justified due to different statutory requirements. The ITAT remanded the issues of disallowance of architect and professional fees, and disallowance u/s 40(a)(ia) for transportation charges, to the Assessing Officer for fresh adjudication after providing reasonable opportunity to the assessee to substantiate claims with relevant documents. The ITAT's decision upheld the assessee's consistent accou..... Highlights Income Tax Thu, 28 Nov 2024 07:48:51 +0530 https://www.taxtmi.com/highlights?id=83437