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2016 (2) TMI 1377 - AT - Income TaxDetermination of income - method of accounting adopted for revenue reorganization - Accounting of real estate transactions - AO applying the percentage completion method (PCM) and rejecting the project completion method accounting adopted by the assessee - whether Accounting Standard (AS-9) which sanctions the project completion method, was correctly applicable in the circumstances of the cases? - HELD THAT:- Hon’ble High Court [2015 (11) TMI 1283 - DELHI HIGH COURT] has upheld that conclusion of the ITAT [2012 (4) TMI 621 - ITAT DELHI] that the adoption of PCM is in establish method of accounting and without there being any rationale or new development in the fact and circumstances of the case as well as without bringing out any defect on record in the accounting procedure adopted by the assessee, the revenue could not have concluded that the project completion method was not appropriate for the assessee. Hence, order of Hon’ble High Court is also applicable in favour of the assessee to the present case pertaining to AY 2010-11 and accordingly sole ground of the revenue being devoid of merits is dismissed in the result appeal of the revenue is dismissed.
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