have incurred overhead
expenditure which formed part of development cost considered in
POCM. This argument of the company is not tenable as the two
companies ... which
formed part of the development cost which has been considered
for POCM. The details of such expenditure was furnished to the
Assessing Officer
account
of revenue recognition as per POCM.
4. The Commissioner of Income Tax(Appeals) has erred in law and on the
facts of the case ... appellant.
The appellant had been following the Percentage of Completion Method (POCM) for
recognizing revenue of various projects as per the Accounting Standards issued
year under
consideration according to the Percentage of Completion Method
[POCM] adopted by the assessee. It was brought to the notice of the
Assessing Officer ... assessee is concerned and
has accepted that the assessee is consistently following POCM for
recognizing income from construction contracts as prescribed in
Accounting Standard
instant case, the
assessee is following percentage completion method (POCM) of
therefore the judgment of Wall Street construction is not applicable
to this case
account of
revenue recognition as per POCM.
4. The Commissioner of Income Tax(Appeals) has erred in law and on the facts
of the case ... Dismissed
account of revenue recognition number 81 of the order
Under POCM - 87 of the
order
4 Holding that interest Paragraph Paragraph Dismissed
expenditure
