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
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
contracts are required to be prepared and
taxed in accordance with Section 43CB of the Act. Our attention
was drawn to Section 43CB ... which reads as under :
Section 43CB in The Income Tax Act, 1961
43CB. [ Computation of income from construction and service
contracts. [Inserted by Finance
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
Income Computation and Disclosure Standard (ICDS)
issued by the CBDT pursuant to section 145(2) vide Notification No. 21/2016
dated 29.9.2016 for the proposition ... assessee has further
relied upon the analogy from recently introduced section 43CB . In the light of the
above assessee's contention is that subscription
project
wise contract revenue, as per ICDS-III as mandated by
Sec.43CB r.w.s 145(2) of the Act. Further the assessee ... project wise contract revenue, as per ICDS-
III as mandated by Sec.43CB r.w.s 145(2) of the Act. Further
the assessee
M/S. Avinash Chalana & Co., Bhopal vs Pcit-1, Bhopal, Bhopal on 25 July
Bsc C&C Joint Venture, New Delhi vs Dcit, Circle-61(1), New Delhi
