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2022 (11) TMI 1195 - AT - Income TaxRevenue recognition - Profit offered during the survey proceeding - profit determined on the project undertaken by the assessee - Method of accounting - assessee was following percentage completion method of accounting - assessee has not honored the income of Rs. 5 crore, which the assessee declared during the course of survey action - HELD THAT:- A.O. ignored the percentage completion method of revenue recognition consistently followed by the assessee in assessment years prior to the assessment year under consideration i.e. A.Y. 2009-10 and opined that project of the assessee was completed therefore entire profit should have been declared in the year under consideration. In our opinion, the Ld. FAA after considering the submission of the assessee and analyzing facts of the case, correctly upheld the percentage completion method of Revenue recognition following the judicial precedents, and therefore we do not find any error in the order of the Ld.FAA on the issue in dispute, accordingly we uphold the same. - Decided against revenue. Addition on account of income from house property - ALV of the flats held by the assessee as stock in trade - Addition determined by the Ld. A.O. on the closing stock of the flats held by the assessee - whether, from the flats held by an assessee as a stock in trade, the deemed rental income under the head income from house property should be assessed or not? - HELD THAT:- The coordinate bench of the Tribunal in the case of Bangal Shapoorji housing development Private Limited [2021 (5) TMI 636 - ITAT MUMBAI] after considering various decisions directed the Ld. Assessing Officer to delete the addition made towards the ALV of the flats held by the assessee as stock in trade of its business as that of a builder and developer. In our opinion, there is no error in the order of the Ld. FAA on the issue in dispute, which has been passed after following binding precedent on the issue in dispute. We accordingly uphold the same. The ground No.3 of the appeal of the Revenue is accordingly dismissed.
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