Case Law Details
Ashoka Hi-Tech Builders Pvt. Ltd Vs DCIT (ITAT Indore)
In this Case ITAT Indore explains Entire law on taxation of real estate construction contracts in the context of ‘completed contract’ vs. ‘percentage completion’ with reference to Accounting Standards AS-7 and AS-9 and all important judgements on the issue. ITAT further explained Provisions of S. Section 43CB and Section 145 of Income Tax Act, 1961.
FULL TEXT OF THE ITAT JUDGMENT
These two appeals filed by the assessee pertaining to the A.Y. 2012-13 & 2013-14 are directed against the order of ld. Commissioner of Income-tax (Appeals)-III, Indore dated 30.03.2016 which is arising out of the order u/s 143(3) of the Income Tax Act dated 24.3.2015 passed by DCIT (Central)-1,Indore.
2. The assessee has raised following grounds of appeals for Assessment Year 2012-13;
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