percentage completion
in the year under consideration based on 'percentage
method'. Whereas, according to the Revenue the capital gain should
have declared ... part completion. Part
completion is applicable for the income under Income"from Business and Profession'
in form of Percentage Completion Method where
been following Contract Completion
method and contract completion method is one of accepted methods of
computing income of assessee and percentage completion method ... disturbing consistent method
of accounting followed by the assessee by substituting percentage completion
method which give the distort picture of income of the assessee, which
Deputy Commissioner Of Income Tax, ... vs S.P. Buildcon Pvt. Ltd., Raipur, Raipur on 28
basis of project completion method in the subsequent years. In
construction, the project completion method and percentage
completion methods, both have also been recognized ... percentage completion method".
The Tribunal affirmed the order of the CIT(A). It was concluded that
project completion method and percentage completion method
Deputy Commissioner Of Income Tax, ... vs S.P. Buildcon Pvt. Ltd., Raipur on 28 November
followed.
3. Contract revenue recognized on percentage completion method means on the stage
of completion or on percentage of works completed, revenue ... respect of
project executed. In percentage completion method, the assessee
estimates the stage of completion or percentage of completion of any
project by taking into
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 ... 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
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 ... From the above, it is clear that percentage completion method and
completed contract method are recognized methods of construction
project only and not applicable
method.
(2) For the purposes of percentage of completion method, project
completion method or straight line method referred to in sub-section ... accounting methods. The
completed contract method is one such method. Similarly, the
proceedings of completion method is another such method.
Ashoka Hi-Tech Builders
gain on completion of project
i.e. apply completed contract method, same could not have
been rejected as completed contract method and percentage
completion method ... method.
(2) For the purposes of percentage of completion
method, project completion method or straight line
method referred to in sub-section
