Revenue cannot force POCM over consistently accepted Project Completion Method, nor make additions for interest-free advances backed by own interest-free funds.
Revenue cannot force POCM over consistently accepted Project Completion Method, nor make additions for interest-free advances backed by own interest-free funds. Issue Whether the tax authorities can unilaterally replace an consistently followed Project Completion Method with the Percentage of Completion Method (POCM), disallow interest under Section 36(1)(iii) despite the availability of interest-free funds, invoke Section… Read More »