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2014 (1) TMI 859 - AT - Income TaxDeletion of addition made on accrual basis – Project completion method or percentage completion method – Held that:- The assessee-company is a builder engaged in construction and sale of immovable property and not carrying out construction contract on behalf of others has not been disputed by the revenue - the CIT(A) has rightly held that revised accounting standard AS-7 issued by ICAI is not applicable to the facts of the assessee-company – the CIT(A) has given relief to the assessee as he found that assessee has shown the income in the years in which sales deeds were executed by him i.e. in A.Y. 2008-09 and 2009-10 by holding that additions made in the years under appeal by way of an estimated profit on work in progress were unwarranted – there was no infirmity in the order of CIT(A) because in case the additions made by AO in the years is confirmed, it will amount to double taxation in the hands of assessee-company – Decided against Revenue.
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