2363/2013 Page 1 of 21
followed Percentage of Completion Method (POCM, for short)1 as
distinct from completed contract method. The petitioner had also ... conditions stipulated in Section 142(2A) for the following reasons:-
(i) POCM was well recognised and accepted by the Revenue.
In terms of Accounting Standard
incurred in F.Y. 2012-13.
Hence, the revenue as per POCM was recognised
considering the cost of Rs.27,30,48,673/- incurred ... Total Revenue as per
POCM Refer Note
Assessing Officer on account of wrong budgeted estimated
used in POCM.
3. On that facts and circumstances of the case ... account of wrong budgeted estimates
used in Percentage of Completion Method (POCM).
16. The facts relevant to the issue culled from the record
assessee
had to follow consistency in method of accounting i.e. POCM for
the year under consideration and accordingly, the AO has
rightly rejected ... assessee
had to follow consistency in method of accounting i.e. POCM for
the year under consideration and accordingly, the AO has
rightly rejected
account of
disallowance of revenue recognition as per POCM
method of recording ignoring that the AO has
categorically held that the Internal Development
Charges ... ignoring that the
AO has categorically held that the assessee is following
POCM method of accounting under which interest
expenditure related to projects under construction
account of
disallowance of revenue recognition as per POCM
method of recording ignoring that the AO has
categorically held that the Internal Development
Charges ... ignoring that the
AO has categorically held that the assessee is following
POCM method of accounting under which interest
expenditure related to projects under construction
That Even if at all, the POCM method is to be followed, it has to be
applied based on Ind-AS 18 read with Guidance ... computation of income of assessee
following Percentage of Completion Method ("POCM").
10. The Ld. PCIT in its order has observed that the assessee
Limited, the Co-developer,
are following the Percentage of Completion Method ('POCM' in short)
to recognize revenue from sale of developed villa plots ... Limited, New Delhi even though no milestones of revenue
recognition as per POCM have been achieved.
Ground No. 2
On the facts and circumstances
Limited, the Co-developer,
are following the Percentage of Completion Method ('POCM' in short)
to recognize revenue from sale of developed villa plots ... Limited, New Delhi even though no milestones of revenue
recognition as per POCM have been achieved.
Ground No. 2
On the facts and circumstances
Limited, the Co-developer,
are following the Percentage of Completion Method ('POCM' in short)
to recognize revenue from sale of developed villa plots ... Limited, New Delhi even though no milestones of revenue
recognition as per POCM have been achieved.
Ground No. 2
On the facts and circumstances
