TMI Blog2016 (2) TMI 304X X X X Extracts X X X X X X X X Extracts X X X X ..... accounting. It is pertinent to note that the Assessing Officer has not rejected the books of account of the respondent-assessee so as to complete the assessment on Best Judgment basis under Section 144 of the Act. Therefore, there is no reason to interfere with the concurrent finding of fact arrived at by the CIT(A) and the Tribunal that no defect has been pointed out by the Assessing Officer to discard the project completion method adopted by the respondent-assessee. - Income Tax Appeal No. 1920, 1900 of 2013 - - - Dated:- 18-1-2016 - M. S. Sanklecha And B. P. Colabawalla, JJ. For the Petitioner : Mr. A. R. Malhotra a/w Mr. N. A. Kazi For the Respondent : Mr. S. C. Tiwari a/w Ms Rutuja Pawar ORDER P. C. These Appe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h floor had a built-up area of more than 1500 sq. ft. after including the exclusive terrace and, therefore, the assessee was not eligible for deduction u/s.80IB (10)(c) of the Act ? 4. This Court, by an order dated 24th April, 2015 did not entertain the Revenue's above Appeal of M/s Raviraj Kothari Punjabi Associates(supra) on the aforesaid question and inter alia observed as under:- We find that issues in the present case and five questions proposed as essential questions revolve around eligibility to claim benefit of section 80IB(10). Since the project is admittedly approved prior to 1.4.2005 the assessee is covered in the case of the Commissioner of Income Tax Vs. M/s.Happy Home Enterprises decided in two appeal being ITA N ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... venue's Appeal on 27th July, 2015 would cover the Question(A) in favour of the assessee. In the above view, Question No.(A) as framed does not give rise to any substantial question of law. Thus, not entertained. 6. Regarding Question(B):- (a) The respondent-assessee is a builder and developer. In the subject assessment year, it filed it's return of income on the basis of having adopted the Project Completion Method of accounting. The respondent-assessee also claimed deduction under Section 80IB(10) of the Act. The Assessing Officer by order dated 9th February, 2009 inter alia did not accept the respondentassessee's claim of adopting the project completion method and held that the percentage completion method should be adop ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gularly. It is not the case of the revenue that the project completion method of accounting is not regularly employed by the assessee. As held by the two authorities, the Assessing Officer has without any reason discarded the project completion method and adopted the percentage completion method of accounting. It is pertinent to note that the Assessing Officer has not rejected the books of account of the respondentassessee so as to complete the assessment on Best Judgment basis under Section 144 of the Act. Therefore, there is no reason to interfere with the concurrent finding of fact arrived at by the CIT(A) and the Tribunal that no defect has been pointed out by the Assessing Officer to discard the project completion method adopted by the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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