show as to how the revenue has been recognised on
Percentage Completion Method. The same is reads as under:
24
ITA.No.4351 & 4457 ... contract
costs.
3. Multiply total estimated contract revenue by the
estimated completion percentage to arrive at the
total amount of revenue that can be recognized
instant assessment
year i.e. A.Y.2012-13 on Percentage of completion method
(POCM) basis.
3. Further it was observed by the AO that ... situated at
Mohammedwadi Project and the same is as under:-
Building Percentage completion (approx
decided by him in AY 2012-13 where he held that percentage
completion method is to be applied in respect of plots for which sale ... ITAT vide its order dt. 22.12.2017 has held that percentage completion
method be applied in respect of plots for which registry was executed
determining the profitability; the assessee followed percentage of completion
method and for ascertaining the completion in percentage terms the assessee took into
account physical progress ... percentage of completion of work the assessee took into account
the extent of work completed for each phase separately. Accordingly varying percentage of
revenue
appreciating the fact that
the AO made addition for not following percentage completion
method recognition for revenue recognition as given in
Accounting Standard ... fact that
the AO made the addition for not following percentage
completion method recognition for revenue recognition as give
in Accounting Standard-AS-7(Revised
filed with Revenue. The assessee had claimed that
it is following percentage completion method of accounting for accounting revenue
by following Accounting Standard ... Project Carmel at Kamothe. The tribunal in quantum
accepted the percentage completion method followed by the assessee and offering
to tax of income from
also submitted that assessee Shri Mohan
Bhadwad had followed percentage completion method. It was also
submitted that income has accrued ... current year. The assessing
officer was of the view that percentage completion method was not
applicable with regard to on money receipt and the same
basis of project completion method in the
subsequent years. In construction, the project completion method and
percentage completion methods, both have also been recognized ... methods. The completed contract method
is one such method. Similarly, the proceedings of completion method is another
such method.
Under the completed contract method
that the assessee
is following project completion method and not percentage completion
method. The AO also observed that the project completion method has no
existence ... percentage completion method
because according to AS-7, revised in 2002 with effect from 01.04.2003 the
`Completed Contract method' or `Project Completion method
Project Method
I In Antica (comprises 3 projects) - Percentage Completion Method
II In Central Park - Project Completion Method
2.1 The Antica project ... completion method for its all projects except central
park project where the assessee was following project completion method.
Thus the AO to apply the percentage
