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ITAT Ahmedabad: Section 43CB vs AS-7/AS-9 on Revenue Recognition for Real Estate Developers
Case Law Details
- Case Name
- DCIT Vs Aaryan Buildspace LLP (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2018-19
- Courts
- All ITAT, ITAT Ahmedabad
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DCIT Vs Aaryan Buildspace LLP (ITAT Ahmedabad)
ITAT Ahmedabad order on Applicability of section 43 CB vs AS-7, AS-9, recognizing revenue on transfer of ownership for real estate developers
Relevant Legal Provisions
Section 43CB of the Income-tax Act, 1961
Introduced by Finance Act, 2018, effective from 01.04.2017 (retrospective).
Applicable to profits and gains from construction contracts or contracts for providing services.
Mandates revenue recognition on a Percentage Completion Method (PCM) basis as per ICDS (Income Computation and Disclosure Standards) notified under Section 145(2).
Secti...
Author Info
