TMI Blog2010 (2) TMI 71X X X X Extracts X X X X X X X X Extracts X X X X ..... profits accrued on the incomplete projects? – held that - Tribunal and the Commissioner of Income Tax (Appeals) have concurrently held that from the inception the assessee had been following the completed contract method of accounting and the returns were filed only adopting the said method of accounting till the assessment year in question and there was no defect or inconsistency in the said accounting method adopted by the assessee. As pointed out by the revenue, the assessee has also shown the incomplete project in the form of work-in-progress in the books of accounts upon which the assessing officer estimated the income at the rate of 10%.– Decision in CIT v. N.M.Associates, [2008 -TMI - 12590 - MADRAS High Court ]distinguished– Decisio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... revenue has filed the present tax case appeal raising the following substantial question of law:- "Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was right in holding that the Assessing Officer was not justified in computing the profits from the assessee's business of construction contracts including the profits accrued on the incomplete projects?" 2. We have heard Mr.K.Subramaniam, learned standing counsel for the revenue. 3. Both the Tribunal as well as the Commissioner of Income Tax (Appeals) have concurrently held that the revenue had not disputed the fact that the assessee had been following the completed contract method of accounting since the year 1996-97 and had been filing the re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessee in that case had no proper contract accounts whatsoever and only in that context, this Court had rejected the contention of the assessee for adopting the completed contract method of accounting. However, on the facts and circumstances of this case, the Tribunal and the Commissioner of Income Tax (Appeals) have concurrently held that from the inception the assessee had been following the completed contract method of accounting and the returns were filed only adopting the said method of accounting till the assessment year in question and there was no defect or inconsistency in the said accounting method adopted by the assessee. As pointed out by the revenue, the assessee has also shown the incomplete project in the form of work-in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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