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2016 (5) TMI 1413 - AT - Income TaxAdditional income offered voluntarily - return of income filed in response to notice u/s 153A - Addition made on the basis of declaration offered by the assessee during the search proceeding - Held that:- As noticed that in the case of Bhoomi Construction Project Vs ACIT [2015 (6) TMI 5 - ITAT MUMBAI] there is no finding that the assessee has been following percentage completion method regularly since beginning or in any other project. There is no such evidence or documents which have been found during the course of search indicating that the assessee had been following percentage completion method regularly. If the assessee has been following one of the recognized methods as prescribed by AS-9, then it cannot be held that the Revenue can impose a different method upon the assessee unless there is a finding of fact that such a method is not reflecting the true profits of the assessee. Now it has also been brought on record by the ld. Counsel that in the subsequent year i.e. in the year of completion of the project in A.Y. 2012-13, the Revenue itself has accepted the project completion method for recognition of revenue and accordingly, has assessed the income of the project on the same method. Thus, a contrary view cannot be taken for this year. - Decided against revenue.
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