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2016 (10) TMI 45 - HC - Income TaxEstimation of income on booking receipts - Commissioner in his revisional order added profit at the estimated rate of 8 per cent - Tribunal noted booking receipts were only worth ₹ 22.42 crores (rounded off) on which the assessee had already offered tax at the rate of 8 per cent and Commissioner was factually wrong in making further additions on this score - Held that:- Irrespective of the error of the Commissioner in referring to the said figure, we notice that the respondent assessee was in the business of development of construction project in which booking profit on the basis of project completion method is a well recognised principle of accountancy. It is not pointed out to say that in the earlier orders, the assessee had taken a different yardstick or though taken the same measure of project completion project, the department had objected to the same. - Decided against revenue
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