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2017 (11) TMI 564 - AT - Income TaxRe working profit from the project - AO has assessed the total income of the partnership firm till the date of dissolution on the basis of closing work-in-progress as on the date of dissolution of the firm - CIT(A) re-worked the profit from the project by taking into account total receipts from the project and applied project completion method to determine the income subject to verification of assessee’s claim with regard to parking space / escalation recovery - Held that:- We are of the view that the CIT(A) was right in re-working profit from the project on the basis of project completion method. We do not find any error in the order of CIT(A); hence, we are inclined to uphold the order of CIT(A) and dismiss the appeal filed by the assessee.
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