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2021 (4) TMI 27 - HC - Income TaxMethod of accounting - accounting standards application - eligibility of completed contract method for computation adoption - Tribunal held that accounting standard, namely Accounting Standard-7 is not applicable to the assessee on the ground that it does not apply to real estate developers even when assessee has received significant advances and also project is completed upto 97% and as such, the date of completion of registration becomes insignificant, as it is a tactic to postpone the payment of income tax which is due for taxation for the period under consideration - HELD THAT:- On perusal of the decisions rendered by this court in the case of PRESTIGE ESTATE PROJECTS[2020 (5) TMI 239 - KARNATAKA HIGH COURT], BANJARA DEVELOPERS & CONSTRUCTIONS (P) LTD. [2020 (7) TMI 285 - KARNATAKA HIGH COURT], VARUN DEVELOPERS [2021 (2) TMI 997 - KARNATAKA HIGH COURT], S.N. BUILDERS & DEVELOPERS[2021 (1) TMI 789 - KARNATAKA HIGH COURT]as well as the decisions of the Hon'ble Supreme Court in EXCEL INDUSTRIES [2013 (10) TMI 324 - SUPREME COURT] and in BILAHARI INVESTMENTS [2008 (2) TMI 23 - SUPREME COURT] and taking into account the fact that the Revenue itself has recognized the completed contract method for computation of the subsequent Assessment years, that is 2013-2014 and 2014-2015, we answer the substantial questions of law against the Revenue and in favour of the assessee.
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