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percentage completion v. project completion v. matching concept

Started by JB, December 23, 2011, 06:11:56 PM

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I want some HC and Tribunal decisions in case of builder wherein it is held that percentage completion method is not mandatory to follow. Project compltion or matcning concept formula can be adopted by a builder. The Supreme Court has dealt with this aspect in case of chit company in case of Bilhari Investment. I want an elaborative decison in case of a builder.


please see the bangalore Tribunal decision referred in 33DTR 514 or 129 TTJ 680 wherein it was held that AS-7 was not notified for the purpose of incometax as such assessee can follow project completion method also.