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2015 (11) TMI 1283 - HC - Income TaxApplicability accounting Standard (AS-9) - whether the ITAT was correct in upholding the findings of the CIT (A) that Accounting Standard (AS-9) which sanctions the project completion method, was correctly applicable in the circumstances of the cases - Held that:- The brief facts are that the assessee is engaged in real estate development and derives its income from actual sale and transfer of property. For this purpose, it purchases land - including built up property - which it subsequently demolishes and develops in the layout township and after which the residential units are sold. In all previous years, the assessee had adopted AS-9, i.e., the project completion method whereby the consideration received on actual sales was shown in its books and claimed as income. Apparently, in a previous detailed order, the ITAT sanctioned this method and held it to be applicable to the business of the assessee, for AY 2006-07 and 2007-08. The CIT (A) had, for the years in question in these appeals, considered the decision of the ITAT for those years In Manish Buildwell (2011 (11) TMI 35 - DELHI HIGH COURT) it was held that it cannot be said that project completion method would result in deferment in payment of taxes which are to be assessed annually. The ITAT in these circumstances held - in relation to the assessee/respondent - that the adoption of the project completion method is an established method of accounting. In these circumstances, without there being any rationale or new development, the Revenue could not have concluded that the project completion method was not appropriate for the assessee. No substantial question of law arises for consideration. The appeals are accordingly dismissed. - Decided against revenue
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