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TMI Blog2013 (6) TMI 571X X X X Extracts X X X X X X X X Extracts X X X X ..... im of project completion method of accounting, as against the AO's action of estimation of profit as per percentage completion method of accounting. 3. The learned CIT(A) has erred in allowing the claim of deduction under section 80IB(10) of the Act by rejecting the issue of completion of project before 31.03.2008 and considering the assessee's claim holding that the approval of the local authority to the original plan has been accorded prior to 01.04.2005 and four year limit for completion of project would not apply. 4. The learned CIT(A) has erred in relying on the ITAT, Mumbai's decision in the case of Saroj Sales Organisation vs. ITO in 3 DTR 494 wherein it is held that the amendments which came into effect from 01.01.2005 would not a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eipt up to the end of F.Y. 2007-08 from sale of flats is of Rs. 6,61,60,866/- out of which up to the end of F.Y. 2005- 06 assessee has sold flats and received amount as advance against flat sold which is appears in the balance sheet is of Rs. 1.88,26,259/- and WIP up to Rs. 2,31,27,150/- 2. From the above it is seen that from the total value as per agreement is Rs. 6,61,60,866/- up to end of F.Y. 2007-08, and out of which assessee has earned profit of Rs. 1,42,32,105/- Thus the profit percentage from the project works out to 21.51% as per income shown of AY 2008-09. Accordingly the profit from the project up to 31.03.2006 is also estimated by adopting the said profit percentage of 21.51%, which the assessee has itself shown in the return o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e coordinate Bench, we held that there was no infirmity in the method adopted by the assessee, i.e. project completion method. 6. We, therefore, do not find any reason to disturb the findings of the CIT(A), which we sustain. 7. In the result, the grounds framed by the department are rejected. ITA No. 8570/Mum/2010, Assessee's appeal: 8. The assessee has raised the following ground: "1. On the facts and in the circumstances of the case and in law, the learned Assessing Officer has erred in holding and the learned CIT(A) has erred in confirming that area of the plot of the land of the project was less than one acre." 9. The solitary issue is with regard to the dispute of measurement of the plot of the project was less then one acre. 10 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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