accounting
methods. The completed contract method is one such
method. Similarly, the percentage ... completion
method is another such method.
Under the completed contract method, the revenue
is not recognized until the contract is complete.
Under the said method
when the appellant had declared correctly profit on the basis of
percentage completion method adopted during the year under consideration. The ld. CIT
(A) ought ... disclosed an income of Rs.
15,88,86,558/- based on percentage completion method.
51. On question by the AO, the assessee submitted that
sale of land recognized by the appellant
based on the percentage completion method on land converted into
stock-in-trade
attained by any one of the
accounting methods. Completed contract method is
one such method. Similarly, percentage ... completion
method is another such method.
16. Under completed contract method, the revenue is
not recognised until the contract is complete. Under
the said method
concerned. The construction companies
normally follows either Percentage Completion Method or Project
Completion Method. If, the finding of AO be considered as correct, the
appellant ... Percentage Completion Method, then the AO indirectly wants to say that
the appellant company is following Project Completion Method. Under
Project Completion Method, the income
explain whether it was following
project completion method or percentage completion method for offering profit
from the said projects for the purpose of the Income ... 2020
percentage terms of cost of construction debited following the percentage
completion method. The decisions of Hon'ble Supreme Court in the case
made is the adoption of the Percentage
Completion Method (PCM) by the AO against the Completed
Contract Method (CCM) followed by the appellant company. From ... accounting to the "percentage of
completion method" and that "the completed contract method leads
to objective assessment of the results
completion and handing over the possession of the flat to the buyer
which cannot in my opinion be equated with percentage completion method
which ... Percentage of Completion Method and the
other is Completed Method. According to him in the assessee's case,
Percentage of Completion Method is applicable
observed that the income was offered by appellant on Percentage
Completion Method. As such, on the Total Estimated Contract
Value (hereinafter referred ... Crores and enhanced the income by applying the Percentage
Completion method on the original ECV thereby making an addition
appellant company has
offered the income on the basis of the percentage completion method during
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Keystone Realtors Pvt. Ltd.
ITA No.3004 ... appellant company has
offered the income on the basis of the percentage completion method during
the year under consideration and therefore proportionate allowance of interest
