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October 2024

From Published Accounts

By Himanshu Kishnadwala, Chartered Accountant
Reading Time 29 mins

COMPILERS’ NOTE

Accounting for real estate projects, joint development agreements and related inventory is governed by Ind AS 115. Companies follow varied policies for such accounting. Looking to the nature of activities in the industry and uncertainties, auditors also mention the above matters in Key Audit Matters in their reports. Given below are illustrations of disclosures in three large companies for the year ended 31st March, 2024 for the above.

DLF LIMITED

From Auditors’ Report

From Material accounting policies (extracts)

Revenue from contracts or services with customers

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Refund — Interest on refund — Refund of TDS — Scope of Article 265 — Tax deducted at source and deposited by assessee in anticipation of contract with non-resident — Cancellation of contract — No authority of law in department to retain remittance to non-resident — Assessee entitled to refund with interest.

Revision — Powers of Commissioner — Assessee inadvertently filing data of next assessment year instead of relevant assessment year — Intimation u/s. 143(1) — Application for revision rejected only on the ground that intimation is not an order — Inadvertance of the Assessee not with a malafide intention to evade tax — Orders, intimation and communication set aside — Matter remanded to Principal Commissioner for de novo enquiry and fresh consideration.