Percentage Completion Method for Revenue Recognition not mandatory for Construction Companies till AY 2016-17

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/residential units. I...