TMI Blog2017 (11) TMI 858X X X X Extracts X X X X X X X X Extracts X X X X ..... ve followed the AS-9 method, he neither followed the Project Completion Method i.e. the Revenue recognition on transfer of goods, he also did not apply the other more recognized method approved under Section 145 i.e, the Percentage Completion Method Held that:- It is an established legal proposition that an assessee can follow any recognized method of accounting and the condition is that the sa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ity so as to require a question of law. - ITA 476/2017, ITA 479/2017 - - - Dated:- 6-11-2017 - S. Ravindra Bhat And Sanjeev Sachdeva, JJ. For the Appellant : Mr. Rahul Chaudhary, Advocate For the Respondent : None ORDER 1. The question, which the Revenue urges in these two appeals, is whether the ITAT fell into error in accepting the method of treatment of revenue and income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lose to construction contracts, AS-7 would apply. It was, therefore, urged that, in the present case, the assessee was clearly covered by AS-7. The ITAT erred in holding otherwise. 3. The ITAT s findings are extracted below:- The AO, during the asst. yr. 2006-07 has also accepted the project completion method followed by the assessee and has not disturbed the income by making any estimated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s that the same method has to be followed consistently. Since the assessee in the instant case was regularly following the project completion method and has offered the income in the year of completion of project, there is no sound reason as to why the same should be rejected and percentage completion method be followed. 4. This Court is of the opinion that the instances pointed out by the I ..... X X X X Extracts X X X X X X X X Extracts X X X X
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