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
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 ... pertinent to note that the assessee was
following Percent of Completion Method (POCM) for recognition of revenue
from the business of real estate activities
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 ... pertinent to note that the assessee was
following Percent of Completion Method (POCM) for recognition of revenue
from the business of real estate activities
that the assessee ought to have
recognized Revenue on the principles of POCM. The Ld. CIT(A) decided
the issue by observing as under ... 2020
applied the percentage of completion method (POCM) for recognizing the
revenue. The issue in the appeal is whether it is mandatory for the
appellant
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
account of revenue recognition following
percentage of completion method (POCM).
3. We have heard the rival submissions and perused the material available on
record ... revenue was not required to be
recognized on the basis of POCM. The ld AO observed in respect of the 4 towers
for which construction
booking of plots, the assessee has apportioned the cash receipt
as per POCM and taken in the income in proportion to the
completion of construction ... relates.
ii) These cash receipts will not be apportioned as per the POCM
method as these are unexplained income to be taxed in the year
