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Project Completion Method Accepted- Addition on Suppression of Profit Deleted: ITAT Ahmedabad
Case Law Details
- Case Name
- Ambrosia Realty Vs ITO (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2016-17
- Courts
- All ITAT, ITAT Ahmedabad
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Ambrosia Realty Vs ITO (ITAT Ahmedabad)
Project Completion Method Accepted- Addition on Suppression of Profit Deleted- ITAT Ahmedabad; Ahmedabad ITAT considered dispute regarding revenue recognition method in real estate transactions.
Assessee, a partnership firm engaged in real estate development, was executing project “Earth Ambrosia”. It followed Project Completion Method (PCM) & disclosed profit of ₹1.08 crore. AO, however, held that revenue recognition ought to be on Percentage Completion Method (POCM) basis as per ICAI’s 2012 Guidance Note, working out ...
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