Section 32AD , Section 33 , Section 33A , Section 33AB , Section 33ABA , Section 33AC , Section 33B , Section 34 , Section 34A , Section 35 , Section 35A , Section 35AB , Section ... Section 38 , Section 40 , Section 40A , Section 41 , Section 42 , Section 43 , Section 43A , Section 43AA , Section 43B , Section 43C , Section 43CA , Section 43CB , Section
section (2), as per the income computation and disclosure standards notified under section 276(2). (2) For the purposes of sub-section (1), the profits ... nature of interest, dividends or capital gains. [ Similar to Section 43CB from The Income Tax Act, 1961. - Also Refer
disclosure standard III
notified under sub-section (2) of section 145 of the Act. Relevant
extracts of section 43CB of the Act are reproduced ... standards notified under
sub-section (2) of section 145
(emphasis supplied)
19. The legislative intent behind insertion of section 43CB in the statute
estate developer,
was required to follow the Percentage Completion Method under Section 43CB of the Act
or could recognize revenue based ... ICAI Guidance Note.
8.1. The AO's reliance on Section 43CB of the Act is misplaced because this provision is
applicable only to construction
mputed on an estimated turnover of 2.74,20,59,318/-
under Section 43CB of the Act, on mere assu mp tions and
presu mp tions ... tion
me thod f ollo wing ICDS, as mand ated by section 43CB of the
Act. Appellan t sub mitted bef ore that sec tion
Assessing Officer [hereinafter referred to as "AO"] under Section 43CB of the
Income Tax Act, 1961 [hereinafter referred ... construction contract", its income should have been computed
under Section 43CB of the Act, which mandates revenue recognition on a
Percentage Completion Method
holding the addition of Rs.
30,03,163.00 by applying Sec. 43CB of the Act without the considering the fact
that same is not applicable ... project started prior to 01.04.2017.
4. That Sec 43CB is applicable only where there agreement exist between the land
owner and developer whereas
that,
no income could be computed as per the provisions of section 43CB(1)(i) of
the Act. Said income is to be computed ... terms of provisions of section
43CB(1) (ii) of the Act by applying the straight line method over a period
covered by the respective assessment
mercantile basis. Further, ld. CIT(A) / NFACwas of an
opinion that section 43CB of the Act and the notification of ICDS III
has come into ... Before proceeding further,it isapposite here to take note of
section 43CB of the Act for the purpose of this case which are
reproduced below
Quest Investment Advisors Pvt. Ltd. (supra) were
rendered in Appeals under Section 260A of the IT Act, where
the lower appellate authorities had threadbare analysed ... perused, then the
Petitioner has alleged that neither the provisions of Section
43CB of the Act nor ICDS III & IV apply
