Project Completion Method Accepted- Addition on Suppression of Profit Deleted: ITAT Ahmedabad

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 revenue of ₹3.3...