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2018 (11) TMI 321 - AT - Income TaxRevision u/s 263 - assessment under project completion method - AO’s order is erroneous as the same was accepted without proper enquiries/ verification and causing prejudice to the interest of the revenue - Held that:- There is no change in method for computing profit rather the assessee is consistently following percentage completion method and even in future years, the Revenue has accepted the same method without any tinkering. In the present case before us, the entire details were filed before AO and AO after going through the details has passed the assessment order under section 143(3) of the Act. The completed Projection completion method was explained before the AO by assessee vide letter dated 05.01.2015 filed during the course of assessment proceedings under section 143(3) of the Act. The AO has gone into the details and made enquiry about the completed project completion method and made assessment thereafter. There is no other possible view taken by the AO because this view has been confirmed by Hon’ble Bombay High Court and also Tribunal consistent taken a view that the assessee’s consistent method for determining income is completed project completion method and there is no change in the same. Once, this is the position there is no question of revision. Hence, in the given facts and circumstances, we quash the revision order passed by PCIT and allow the appeal of the assessee.
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