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INCOME TAX APPELLATE TRIBUNAL (AHMEDABAD BENCH)
Shri T.R. Senthil Kumar, J, Shri Narendra Prasad Sinha, ACJ
Assessee – Appellant
Versus
Ld. CIT(A) – Respondent
| Table of Content |
|---|
| 1. essentials of revenue recognition in real estate projects defined. (Para 1 , 2) |
| 2. the firm contested assessing officer's approach on revenue recognition. (Para 3) |
| 3. court addresses denial of personal hearing opportunity. (Para 4) |
| 4. procedural integrity and its importance in tax assessments. (Para 5 , 6) |
| 5. final ruling emphasizes prosedural justice and compliance with accounting standards. (Para 7 , 8) |
| 6. the appeal's conclusion and its implications for revenue recognition practices. (Para 9) |
आदेश/ORDER
PER T.R. SENTHIL KUMAR, JUDICIAL MEMBER:
This appeal is filed by the assessee against the appellate order dated 29.02.2024 passed by Ld. Commissioner of Income Tax (Appeals) (hereinafter referred to as “Ld. CIT(A)”), National Faceless Appeal Centre (in short “NFAC”), Delhi arising out of the assessment order passed under Section 143 (3) of the Income Tax Act, 1961 (hereinafter referred to as “the Act”) relating to the Assessment Year 2018-19.
2. The brief facts of the case are that the assessee is a partnership firm engaged in the business of real estate developments. For the A.Y. 2018-19 the assessee filed its Return of Income on 19.08.2018 declaring NIL income. The a
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