Construction cost and saleable project area should be considered while recognizing revenue

Krishna E-Campus Pvt. Ltd. Vs DCIT (ITAT Bangalore) ITAT Bangalore held that from clause (5) of Guidance Note issued by ICAI that the cost of construction and also saleable project area needs to be taken into account while recognizing revenue under the Percentage Completion Method. Facts- The only issue contended by the assessee in this appeal is regarding recognition of revenue under the Percentage Completion Method [PCM] as per Accounting Standards [AS] issued by the Institute of Chartered Accountants of India [ICAI]. Conclusion- It is clear from clause (5) of Guidance Note issued by ICAI th...