https://www.taxtmi.com/caselaws?id=767142 ITAT Ahmedabad held that the assessee, a real estate developer, was not required to follow the Percentage Completion Method under section 43CB but could recognize revenue under AS-9 and the ICAI Guidance Note. It found that revenue recognition upon execution of conveyance deeds and handing over possession was proper, as the assessee was selling completed units on its own land, not executing construction contracts as a contractor. The Tribunal rejected the Department's contention that section 43CB applied uniformly to developers and contractors and emphasized the principle of consistency, noting that the Revenue had accepted the same method in earlier and subsequent years. Appeal of Revenue was dismissed. en-us Fri, 07 Mar 2025 00:00:00 +0530 Thu, 20 Nov 2025 18:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767142 ITAT Ahmedabad held that the assessee, a real estate developer, was not required to follow the Percentage Completion Method under section 43CB but could recognize revenue under AS-9 and the ICAI Guidance Note. It found that revenue recognition upon execution of conveyance deeds and handing over possession was proper, as the assessee was selling completed units on its own land, not executing construction contracts as a contractor. The Tribunal rejected the Department's contention that section 43CB applied uniformly to developers and contractors and emphasized the principle of consistency, noting that the Revenue had accepted the same method in earlier and subsequent years. Appeal of Revenue was dismissed. Case-Laws Income Tax Fri, 07 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767142