“percentage completion method”

ITO - 8(1)(1), Mumbai vs. M/S Raghuveer Suburban Infrastructure Pvt Ltd, Mumbai

In the result, both the appeals of the Revenue are dismissed on this technical ground

Bench: Shri Aby T Varkey & Shri Gagan Goyal

account related to the projects. 3. The Ld. CIT(A) should have seen that the assessee has to comply with AS-7 and percentage completion method norms. The Ld. CIT(A) should have seen that by this manner an assessee merely by entering into an agreement for payment on completion

Majestic Premises Pvt. Ltd, Mumbai vs. DCIT CC -2, Thane

In the result, the appeal of the assessee is allowed

Bench: Shri Amarjit Singh & Shri Rahul Chaudharymagestic Premises Vs. Dcit, Cc-2 Private Limited 6Th Floor, Room No. 13 201, Oasis Silver Stone, A-Wing, Ashar I.T. Park, Ram Maruti Road Near Thane – 400 604 Gajanan Maharaj Temple Thane – 400602 स्थायी लेखा सं./जीआइआर सं./ Pan/Gir No: Aaecm5625L Appellant .. Respondent

construction expenses to the amount of Rs.1.88 crores. The project was under work in progress stage and the assessee company has followed consistently percentage completion method of revenue recognition on the basis of advance received. However, subsequently, the assessee company has scrapped the project, therefore, TDR purchased as well

Dy CIT - 26(1), Mumbai vs. M/S. Pratibha China State Joint Venture Universal Majextic, Mumbai

In the result appeal of the Revenue is dismissed

Bench: Shri Aby T Varkey, Jm & Shri S Rifaur Rahman, Am आयकर अपील सं/ I.T.A. No.468 /Mum/2021 (निर्धारण वर्ा / Assessment Year: 2014-15) बिधम/ Dy. Commissioner Of Income Tax-26(1) M/S Pratibha China State Room No 623, 6Th Floor, Kautilya Bhavan, Joint Venture Vs. Universal Majestic, 14Th Bandra Kurla Complex Bandra East, Mumbai-400051 Floor, Off Eastern Expressway, Ghatkopar Mankhud Link Road, Govandi, Mumbai-400043 स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aabap0740 (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: None Revenue By: Mr. Hiren Bhatt, Sr Ar सुनवाई की तारीख / Date Of Hearing: 31/10/2022 घोषणा की तारीख /Date Of Pronouncement: 29/11/2022 आदेश / O R D E R Per Aby T. Varkey, Jm:

into the Accounting Standard-7 and directed the AO to examine whether the appellant, being a contractor had offered income according to the percentage completion method or prescribed as per AS-7. If it was found that this has been done, the AO was directed to compute the income ... such percentage of the total revenue, as the profit margin of the appellant for this contract, as per Industry Standards and may apply percentage completion method accordingly. Thus, the JCIT gave two directions to the AO (i) to examine whether the income had been offered as per percentage completion method

Dy Commissioner of Income Tax, CC-7(3), Mumbai vs. M/S Macrotech Developers Limited(Successor to Lodha Impression Real Estate Pvt Ltd, Mumbai

In the result, the present appeal filed by the Revenue is dismissed

Assessee was developing a residential project names „Lodha Eternis‟ at Andheri. The Assessee was following mercantile system of accounting and had adopted percentage completion method for offering the profits of the aforesaid project to tax in the return of income filed for the Assessment Year ... assessee. During the year under consideration, the assessee was developing a residential project named as „Lodha Eternis' at Andheri. The assessee is following percentage completion method. The assessee had borrowed interest- bearing fund from the group concerns, banks and financial institutions. On the said funds, the assessee had paid interest

ACIT 28(2), Mumbai vs. M/S. Neel Siddhi Developers, Mumbai

In the result, the appeal filed by the revenue is dismissed

Bench: Shri Prashant Maharishi & Shri Pavan Kumar Gadaleacit 28(2) Vs. M/S Neel Siddhi Room No. 307, 3Rd Floor Developers, Tower No. 6, Vashi Rly 2Nd Floor, Emerald, Stn Complex, Vashi Plot No. 195/B, Navi Mumbai – 400703 Sec-12, Vashi, Navi Mumbai – 400 703. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aagfn2744N Appellant .. Respondent Appellant By : Shri Chetan M. Kacha.Dr Respondent By : Shri Subodh Ratnaparkhi.Ar Date Of Hearing 14.11.2022 Date Of Pronouncement 24.11.2022 आदेश / O R D E R Per Pavan Kumar Gadale Jm: The Revenue Has Filed The Appeal Against The Order Passed By The Commissioner Of Income Tax (Appeals)- 26, Mumbai Passed U/S 143(3) & 250 Of The Act. The Revenue Has Raised The Following Grounds Of Appeal:

erred in deleting the addition of Rs.3,35,08,917/- made by the A.O. on the M/s. Neel Siddhi Developers, Mumbai. basis of Percentage Completion Method in respect of both the projects i.e Neel Sidhi Amarante and Neel Sidhi Vista without appreciating the fact that even though 60% of both ... that for the A.Y 2011-12 the preceding officer has discussed at length on facts and projects that the assessee should have followed percentage completion method for offering profit on project. The A.O. has relied on the order of A.Y 2011-12 and discussed at Para

Keystone Realtors Pvt Ltd, Mumbai vs. Dy CIT CC 2(4), Mumbai

In the result, the appeal by the assessee is partly allowed for statistical purposes

Bench: Shri Prashant Maharishi & Shri Sandeep Singh Karhail

account. Without Prejudice to the above it is submitted that the appellant company has offered the income on the basis of the percentage completion method during Keystone Realtors Pvt. Ltd. ITA No.3004/Mum./2019 ITA No.611/Mum./2020 ITA No.4229/Mum./2019 ITA No.1228/Mum./2020 the year under consideration and therefore proportionate allowance ... account. Without Prejudice to the above it is submitted that the appellant company has offered the income on the basis of the percentage completion method during the year under consideration and therefore proportionate allowance of interest expenses should be allowed during the year under consideration. It is therefore prayed that

Keystone Realtors Pvt Ltd., Mumbai vs. Dy CIT CC 2(4), Mumbai

In the result, the appeal by the assessee is partly allowed for statistical purposes

Bench: Shri Prashant Maharishi & Shri Sandeep Singh Karhail

account. Without Prejudice to the above it is submitted that the appellant company has offered the income on the basis of the percentage completion method during Keystone Realtors Pvt. Ltd. ITA No.3004/Mum./2019 ITA No.611/Mum./2020 ITA No.4229/Mum./2019 ITA No.1228/Mum./2020 the year under consideration and therefore proportionate allowance ... account. Without Prejudice to the above it is submitted that the appellant company has offered the income on the basis of the percentage completion method during the year under consideration and therefore proportionate allowance of interest expenses should be allowed during the year under consideration. It is therefore prayed that

Keystone Realtors Pvt Ltd., Mumbai vs. DCIT, Central Circle-2(4), Mumbai

In the result, the appeal by the assessee is partly allowed for statistical purposes

Bench: Shri Prashant Maharishi & Shri Sandeep Singh Karhail

account. Without Prejudice to the above it is submitted that the appellant company has offered the income on the basis of the percentage completion method during Keystone Realtors Pvt. Ltd. ITA No.3004/Mum./2019 ITA No.611/Mum./2020 ITA No.4229/Mum./2019 ITA No.1228/Mum./2020 the year under consideration and therefore proportionate allowance ... account. Without Prejudice to the above it is submitted that the appellant company has offered the income on the basis of the percentage completion method during the year under consideration and therefore proportionate allowance of interest expenses should be allowed during the year under consideration. It is therefore prayed that

Keystone Realtors Private Limited, Mumbai vs. Deputy Commissioner of Income Tax - Central Circle 2(4), Mumbai

In the result, the appeal by the assessee is partly allowed for statistical purposes

Bench: Shri Prashant Maharishi & Shri Sandeep Singh Karhail

account. Without Prejudice to the above it is submitted that the appellant company has offered the income on the basis of the percentage completion method during Keystone Realtors Pvt. Ltd. ITA No.3004/Mum./2019 ITA No.611/Mum./2020 ITA No.4229/Mum./2019 ITA No.1228/Mum./2020 the year under consideration and therefore proportionate allowance ... account. Without Prejudice to the above it is submitted that the appellant company has offered the income on the basis of the percentage completion method during the year under consideration and therefore proportionate allowance of interest expenses should be allowed during the year under consideration. It is therefore prayed that