TMI Blog2015 (11) TMI 1283X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee is engaged in real estate development and derives its income from actual sale and transfer of property. For this purpose, it purchases land - including built up property - which it subsequently demolishes and develops in the layout township and after which the residential units are sold. In all previous years, the assessee had adopted AS-9, i.e., the project completion method whereby ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ale or new development, the Revenue could not have concluded that the project completion method was not appropriate for the assessee. No substantial question of law arises for consideration. The appeals are accordingly dismissed. - Decided against revenue - ITA 111/2014 and ITA 113/2014 - - - Dated:- 7-1-2015 - MR. S. RAVINDRA BHAT AND MR. R.K.GAUBA, JJ. For the Appellant : Ms. Suruchi Ag ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... land - including built up property - which it subsequently demolishes and develops in the layout township and after which the residential units are sold. In all previous years, the assessee had adopted AS-9, i.e., the project completion method whereby the consideration received on actual sales was shown in its books and claimed as income. Apparently, in a previous detailed order, the ITAT sanction ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent of taxes which are to be assessed annually. The ITAT in these circumstances held - in relation to the assessee/respondent - that the adoption of the project completion method is an established method of accounting. In these circumstances, without there being any rationale or new development, the Revenue could not have concluded that the project completion method was not appropriate for the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X
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