Wednesday, July 30, 2014

[aaykarbhavan] Income accrues on completion of services; ITAT accepts Completion Contract Method for revenue recognition



Income accrues on completion of services; ITAT accepts Completion Contract Method for revenue recognition

July 30, 2014[2014] 46 taxmann.com 370 (Pune - Trib.)/[2014] 64 SOT 131 (Pune - Trib.)
IT : Where work related to installation and erection of equipment had been completed in subsequent years, accrual of income happened only in subsequent years when assessee gets an enforceable right to receive same even if in accounts assessee had shown it as income and TDS had been claimed by him
 
Regards
Prarthana Jalan


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Posted by: Prarthana Jalan <prarthanajalan@ymail.com>


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