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Percentage Completion Method for Revenue Recognition not mandatory for Construction Companies till AY 2016-17
Case Law Details
- Case Name
- Hi-tech Estates & Promoters Pvt Ltd. Vs PCIT (ITAT Cuttack)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2013-14
- Courts
- All ITAT, ITAT Cuttack
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Hi-tech Estates & Promoters Pvt Ltd. Vs PCIT (ITAT Cuttack)
Percentage Completion Method for Revenue Recognition not mandatory for Construction Companies till AY 2016-17
The issue under consideration is whether as per Section 43CB, profits and gains of a construction company mandatorily be determined on the basis of percentage completion method for revenue recognition?
ITAT states that, the assessee is a construction company engaged in the construction of flats/residential units on the land owned by it without any contract with the customers for construction of flats/res...
