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2022 (8) TMI 458 - HC - Income TaxAccrual of Income - ITAT and CIT-A held the said amount not received by the assessee during the year under consideration could not brought to tax in the hands of the assessee in the year under consideration - HELD THAT:- Tribunal as observed that the learned departmental representative has brought out nothing on record to dispute the finding/observation arrived at by the Commissioner of Income Tax (Appeals). That apart, the tribunal also noted that the assessee has been following the Project Completion Method and another project namely, Poddar Project has been completed in the previous year relevant to the assessment year 2009-10 and the entire income from the said project actually accrued to the assessee in the assessment year 2009-10 and the same was accordingly recognised and offered to tax as could be seen from the assessment order dated 20th December, 2016. On perusal of the said assessment order the tribunal noted that the amount of Rs.50,00,000/- has already taxed in the hands of the assessee for the assessment year 2009-10 when the relevant projected was completed and the amount in question actually accrued to the assessee as income on the basis of Project Completion Method followed by it. Furthermore, the tribunal also re-examined the relevant clauses of the agreement entered into by the assessee with M/s. Dheeraj Promoters and also noted the various conditions imposed therein. No substantial question of law.
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