following either percentage of
completion method or completed contract method. The completed contract
method is also known as project completion method. In percentage completion
method ... time of
substantial completion of the project. The substantial completion of the project
means the project should be completed by and large, except to some
more than ninety days shall be determined on the basis of project completion method; (ii) involving indeterminate number of acts over a specific period ... determined on the basis of straight line method. (2) For the purposes of percentage of completion method, project completion method or straight line method referred
assessee's assessments were to be completed on the basis of the project completion method and in substantially accepting the contention of the assessee ... years for completion it adopted the method of accounting stated to be "completed contract method" or "project completion method". According
more than ninety days shall be determined on the basis of project completion method; (ii) involving indeterminate number of acts over a specific period ... determined on the basis of straight line method. (2) For the purposes of percentage of completion method, project completion method or straight line method referred
balance was taxable in the year of completion of project since the
Assessee is following Project Completion Method in respect of the said
project ... well as costs incurred
on the project are carried forward year after year till the completion of
the project and income therefrom will be offered
this is not a recognized method of recognizing the revenue. This
method is neither project completion method nor percentage of completion method. The
method adopted ... circumstances, the substitution of
method from completed contract method to percentage completion
method only on the basis of the method followed by developer JSM
Devcons
completion
method is one such acceptable method. Thus, the assessee cannot follow
mixed method of accounting, it has to strictly adhere to the method ... identifiable with that project should be allowed only in
the year when the project is completed and the income from that project
executed has not applied percentage
completion method but where advance is received from customers has
incorrectly applied percentage completion method ... prospective buyers on
completion of project--For example, if on account of any reason
project could not be completed, then assessee would be
required
contention
that the Appellant herein follows project completion method of
accounting and the project was completed and occupancy certificate
received in July 2011 and thereafter ... same and following the method of accounting regularly
employed i.e. project completion method of accounting, the total
amount of Rs.28 crs. was bifurcated
accepted that the assessees assessments were to be completed on the basis of the project completion method and in substantially accepting the contention ... years for completion it adopted the method of accounting stated to be "completed contract method" or "project completion method". According
