from these transactions must
be recognized. Further a specific provision of section 43CB for such projects has
been introduced ... appellant was issued notice u/s 142(1) on 25.08.2022 asking
whether revenue was offered in accordance to section 43CB . In response to
the same
mandatory or not for the assessment years prior to insertion
of section 43CB ... percentage completion method has been made
compulsory by insertion of section 43CB of the Act and is
mandatory only for assessment years
percentage completion method without
appreciating the fact that the provisions of section 43CB
provides that the profit and gain arising from construction
contract ... appellant was issued notice u/s
142(1) on 25.08.2022 asking whether revenue
was offered in accordance to section 43CB . In
response to the same
justified in not appreciating that with the
insertion of Section 43CB with retrospective effect from 1.4.2017,
profits and gains arising from construction contract and service ... basis.
9. We would like to draw your attention that section 43CB
which mandates following of percentage completion method as
per ICDS III was introduced
recognised
method of accounting for computation of gains from
construction contract. Section 43CB was inserted by the
Finance ... legal claim or change of opinion cannot partake character of
concealment. Section 43CB has been inserted w.e.f. 1/4/2017.
Hence Section 43CB
