completion method is another such
method.
Under the completed contract method, the revenue is not
recognized until the contract is complete. Under the said method ... with the project will flow to the
entity;
(c) the project costs to complete the project and
the stage of project completion at the reporting
completion method is another such
method.
Under the completed contract method, the revenue is not
recognized until the contract is complete. Under the said method ... with the project will flow to the
entity;
(c) the project costs to complete the project and
the stage of project completion at the reporting
year in which the project was completed, as the
assessee was following 'Project Completion Method'. The Ld. AR has
further brought ... incomplete projects should not be
recognized as income until the project is completed. In the present case, the
OMR Road Project was ongoing during
year in which the project was completed, as the
assessee was following 'Project Completion Method'. The Ld. AR has
further brought ... incomplete projects should not be
recognized as income until the project is completed. In the present case, the
OMR Road Project was ongoing during
accounting methods. Completed contract method is one
such method. Similarly, percentage of completion method is another such method.
16. Under completed contract method, the revenue ... completed
contract method" and "percentage of completion method."
25. Thus, we note that completed contract method and percentage complete
ITA No.1053
project completion method
and percentage completion method is accepted standards of accounting and
either of the methods can be applied by the assessee ... follow
either the project completion method or the percentage completion method."
Where the assessee was following a particular method of accounting
consistently, which
respect of its aforesaid project. On
the basis of his aforesaid observations the A.O rejected the "project completion method"
followed ... appellant, i.e. the project completion method, and that revenue can be recognized only on
completion of project, and as such, the addition
character of income only in the year of completion of project in accordance with
project completion method of accounting followed by assessee. The undisclosed income ... income only in the year of completion of
the project in accordance with the project completion method of accounting followed by the
assessee
construction and service
contracts were free to follow either the project completion/Completed
project method or percentage completion method in accordance with
the provisions ... accounting methods. The
completed contract method is one such method. Similarly, the
proceedings of completion method is another such method.
Ashoka Hi-Tech Builders
occasioned
on completion of the project and registration of the sale deed.
Therefore, in our view the project completion method in accounting
applied ... adopt
percentage completion method of accounting merely because the
developer/builder/contractor was following the percentage
completion method. The percentage completion method being
