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
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
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
ruled out.
The Assessing Officer ultimately held and calculated the difference
in POCM based on the budgeted cost and the payments made to
EMLL. Nowhere ... accepted. This
reduction in estimated expenditure consequently resulted in
working of POCM at 69.32% instead of 57.40%. This resulted in
the absolute figure
purposes of computing threshold limit for recognition Revenue
under the POCM?
3. Whether the Tribunal erred in the facts and circumstances of the
case ... changed its method of accounting in case of constructed
1
Tribunal
2
POCM
ITA 926/2016 & Connected Matters Page 3 of 11
This
ruled out.
The Assessing Officer ultimately held and calculated the difference
in POCM based on the budgeted cost and the payments made to
EMLL. Nowhere ... accepted. This reduction in
estimated expenditure consequently resulted in working of POCM
at 69.32% instead of 57.40%. This resulted in the absolute figure
ruled out.
The Assessing Officer ultimately held and calculated the difference
in POCM based on the budgeted cost and the payments made to
EMLL. Nowhere ... accepted. This reduction in
estimated expenditure consequently resulted in working of POCM
at 69.32% instead of 57.40%. This resulted in the absolute figure
purposes of computing threshold limit for
recognition Revenue under the POCM?
3. Whether the Tribunal erred in the facts and circumstances of
the case ... purposes of computation of the
threshold limit for recognizing revenue under the POCM. While
dealing with IDC the Tribunal has ultimately observed as under
purposes of computing threshold limit for
recognition Revenue under the POCM?
3. Whether the Tribunal erred in the facts and circumstances of
the case ... purposes of computation of the
threshold limit for recognizing revenue under the POCM. While
dealing with IDC the Tribunal has ultimately observed as under
Assessee was not following the 'Percentage
of Completion Method' ('POCM'). He states that the ITAT itself made the
self-contradictory finding
