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2019 (10) TMI 1571 - AT - Income TaxComputation of income - relevant assessment year - assessee is following project completion method - whether entire amount was received during the impugned assessment year? - HELD THAT:- After going through the orders of the lower authorities, we noted that none of the authorities have gone into the method of accounting adopted for computation of income which is very basic for deciding the issue. It is also not clear that even after almost 5 years from the grant of completion certificate in respect of free sale building, the construction is not completed because of several issues regarding clearance from BMC and when the company will obtain constructed area available for free sale and earn profit there from. These facts need to be examined in detail. In view of the above, we are of the view that let the matter be restored back to the file of the AO for fresh adjudication on this very issue. Appeal of assessee is allowed for statistical purposes.
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