Longonot Gate Developers Vs Commissioner Domestic Taxes
Revenue Recognition in the Real Estate Sector
Revenue is recognized once the service has been performed and not when payment is made. Gains on deposits received as part payment towards purchase of serviced plots do not count as revenue for the year of income and therefore are not taxable under income tax law for that year of income.
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Resource Information
Author |
Firu |
|---|---|
Category |
Litigation Corner, Pleading Aids |
