Sec. 43CB providing POCM method for determining profit from construction contract is mandatory w.e.f. AY 2017-18

INCOME TAX : Provisions of section 43CB prescribing percentage completion method for determining profits and gains of a construction company are to be applied mandatorily with effect from 01-04-2017 i.e. assessment year 2017-18 onwards and, therefore, assessment completed in case of assessee, a construction company, on basis of project completion method in relevant assessment year could not be declared as invalid on aforesaid groundINCOME TAX : Provisions of section 43CB prescribing percentage completion method for determining profits and gains of a construction company are to be applied mandatorily with effect from 01-04-2017 i.e. assessment year 2017-18 onwards and, therefore, assessment completed in case of assessee, a construction company, on basis of project completion method in relevant assessment year could not be declared as invalid on aforesaid groundwww.taxmann.com Latest Case LawsRead More

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