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percentage completion method

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Mumbai builders rely on the Percentage Completion Method to recognise revenue yearly as projects progress. In a recent ITAT ruling, Supreme Mega Construction LLP won a ₹6.33 crore tax battle, with the Tribunal confirming correct application of ICAI guidelines...

How Mumbai Builders Report Profits: The Percentage Completion Method Explained – With a Real Case Study

Mumbai builders rely on the Percentage Completion Method to recognise revenue yearly as projects progress. In a recent ITAT ruling, Supreme Mega Construction LLP won a ₹6.33 crore tax battle, with the Tribunal confirming correct application of ICAI guidelines…
India’s property buyers are making decisions faster, with average deal closure time falling to 26 days in 2025 and premium ₹2–3 crore homes selling in just 15 days, according to ANAROCK data.

Cancellation Loss Allowed – But Only in the Right Year: Key ITAT Ruling for Mumbai Builders

ITAT Mumbai has clarified that real estate developers can claim losses from cancelled bookings, but only in the financial year the reversal actually occurs — and only after proving no double deduction. The ruling also protects old scrutiny assessments from being invalidated due to Income Tax Department jurisdiction changes during cadre restructuring.