Query:
Suppose there is a builder who wants to develop a building of 40 floors, has submitted his plan to authorities for approval of Commencement Certificate (CC). But he received the CC approval for only 15 floors. Builder has sold his entire 40 floor to prospective buyers.
Can he recognize the sales of 40 floors as he has completed the work of 25 % or he is required to book sales of only 15 floors? As per New guidance note all critical approvals should be obtained so what mean by this critical approval? Should all floors CC (commencement of certificate) should be obtained?
- Nitesh Tejwani
CAclubindia
