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2021 (10) TMI 508 - Income Tax
Recognized method of accounting - project completion method - whether the assessee, who is a real estate developer, was justified in computing his income by adopting project completion method as against the action of the lower authorities in estimating the income of the assessee on the basis of percentage completion method of accounting? - HELD THAT:- As it is held that the assessee was justified in adopting the recognized method of accounting i.e. project completion method. The impugned addition made by the lower authorities by applying percentage completion method is hereby ordered to be deleted.
The alternative plea taken by the assessee regarding the dispute relating to figures of amount in case of percentage completion method, has become infructuous and no adjudication is required in that respect. Appeal of the assessee stands allowed.