Interest expenditure - Rs.16,98,17,147/-
(iv) Excess POCM written back - Rs.134,83,44,874/-
(v) Property Management Expenses ... erred in deleting the disallowance of reversal of POCM of Rs.
134,83,44,874/- without appreciating that there are no documentary
evidences on record
Turnover
Sales Recognition as per POCM methodology Nil* 421,86,32,539** 1569,16,96,338***
Cost of Construction/development debited to the
Profit ... Boulevard" was
yet to cross the threshold of 30% as per POCM, and therefore, no revenue therefrom was recognised, and the cost of
construction
arid expenditure booked .under real estate projects in broad heads l.ike
POCM, Ongoing project and completed projects. The assessee company has followed the same
method of accounting
followed by the assessee is Percentage of Completion Method (POCM). Return of
Income was filed showing income
recognize revenue as no
income has accrued or arisen. However in POCM, you have to presume
accrual of income based on the stage of completion
added
back to the work-in-progress in the Project Completion Method (POCM).
5.3 Per contra, the learned Authorised Representative for the assessee
submitted that
assessment order goes to show that AO
applied Percentage Completion Method (POCM) on work-in-
progress of Rs.13.15 crores declared by the assessee ... 1959/Del./2014
has applied POCM on cost on an assumed percentage of
completion or on extra polation basis which is not permissible
