Sir,

An assessee being a builder is engaged in construction and development of property/ Residential building & Commercial Complex with or without undivided right in land depending up on each project. The sale is made to general public. The builder enters into the sale agreement during the process of construction of building with individual owners. The builder some of the residential apartments/ commercial shops with him as there was no offer to purchase the same from any customer and it is not sold. He is following percentage of completion method for declaring his contract revenue under the Income Tax. Now my question is while computing the contract Revenue/ Gross receipt under the percentage completion method only the agreement value of the sold flats & shops have to be considered or the total salable value of percentage of work completed including the notional revenue for unsold flats has to be considered?.
I am of the opinion that revenue should be declared on the basis of percentage completion method only for those flats for which sale agreements are executed and so much percentage of sale agreement value for which work is completed has to be considered as contract revenue in that respective year. Is it the best way to handle this case?

Regards,

Prasanna Shenoy

1. I and my partner have signed a partnership deed on 09 Nov 2012, which has been duly notarized. The firm has not been registered yet. Due to certain unavoidable circumstances we have decided to dissolve the partnership. The firm does not possess any property or assets. During this period the firm has also not transacted any business and has no outstanding dues. It has not even opened a current bank account. However, Pan Card has been issued.

2. Can you please help me on the following aspects:-
(a)Procedure for dissolution by mutual consent in this case.
(b)Disposal of the Pan Card.
(c)A sample deed of dissolution that would be suitable in the stated context.

HI all

I am Qualified CA passed out in Nov2011 and I am currently working in a Pvt Co as a Accounts Manager.I joined because I could not able to get place elsewhere.

Whether this will help in my career or whether I have to quit this Job

Pls advice

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