Case Law Details
Case Name : Unique Enterprises Vs ITO (ITAT Mumbai)
Related Assessment Year : 2005-06
Courts :
All ITAT ITAT Mumbai
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Unique Enterprises Vs ITO (ITAT Mumbai)
Revised Accounting Standard 7- ‘Construction Contract’ is applicable to only contractors and not to builders and real estate consultants. Accordingly, the Project Completion Method consistently followed by the taxpayer for recognising revenue in the books of accounts cannot be regarded as an unreasonable.
Recently, the Mumbai bench of the Income-tax Appellate Tribunal (the Tribunal) has held that the Accounting Standard (AS) 7 – ‘Construction Contract’ (revised) issued by the Institute of Chartered Accountants of India (ICAI) is applicable only...
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