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Case Law Details

Case Name : The Asst. Commissioner of Income Tax Vs. Skylark Build (ITAT Mumbai )
Related Assessment Year : 2006- 07
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ACIT Vs M/s Skylark Build (ITAT Mumbai)– Approach adopted by the Assessing Officer for assessing the income from TDR independently without deducting the expenses incurred is not justified. The assessee has been following project completion method which is an accepted method of accounting in construction business and also recommended as per accounting standard AS-7 of ICAI. Therefore, in such cases the income from the project has to be computed in the year of completion.

The TDRs received are directly linked to the execution of

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