TMI Blog2016 (5) TMI 1413X X X X Extracts X X X X X X X X Extracts X X X X ..... llowing one of the recognized methods as prescribed by AS-9, then it cannot be held that the Revenue can impose a different method upon the assessee unless there is a finding of fact that such a method is not reflecting the true profits of the assessee. Now it has also been brought on record by the ld. Counsel that in the subsequent year i.e. in the year of completion of the project in A.Y. 2012-13, the Revenue itself has accepted the project completion method for recognition of revenue and accordingly, has assessed the income of the project on the same method. Thus, a contrary view cannot be taken for this year. - Decided against revenue. - ITA No.4895/Mum/2013, ITA No.4896/Mum/2013 - - - Dated:- 27-5-2016 - SHRI R.C.SHARMA, ACCOUNTANT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der and submitted that they are following the project completion method, the explanation of the assessee was not accepted by the AO. The AO recorded that during search proceeding, the assessee has voluntarily admitted and offered income of ₹ 53,00,000/- on the basis of percentage completion method for AY-2008-09 and detailed working was signed by Shri Ramesh Gajra and Shri Vijay Gajra and furnished to the Addl DIT (Inv.), Kalyan on 12.04.2009. The assessee has not filed letter of retraction till date of filing of return of income which clearly confirmed that assessee voluntarily agreed to offer income for tax and thus added ₹ 53,00,000/- in the income of assessee besides the other addition. 4. Aggrieved by the order of AO, th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... etion method has been made compulsory in case of Builder Developer w.e.f. 01.04.2004 which has to be followed as per section 155 of the Act and on the basis of pointing out Shri Ramesh Lalji Gajra agreed to offer income of ₹ 53,00,000/- for AY 2008-09 and ₹ 1,60,00,000/- for AY 2009-10. AR further argued that declaration was not voluntary and that is why the assessee decided to continue with the project completion method and accordingly filed return of income u/s. 153A without offering the income as declared while making statement u/s. 132(4) of the Act. The ld AR for assessee argued that similar additions were made in assessee s sister concern but on appeal to ITAT the same deleted vide ITA No.1267/M/2013 dated 15.05.2015. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d the income of the project on the same method. Thus, a contrary view cannot be taken for this year. - Decided against revenue. 7. We have noticed that issue raised in this appeal is squarely covered by the order of the Tribunal in ITA No.1267/M/2013 dated 15.05.2015 (case of assessee s sister concern). Hence keeping in view the principle of consistency, hence, we do not find any substance in the appeal filed by the revenue. ITA No.4896/Mum/2013 8. Since the identical issues are raised in this appeal and we have already decided the similar grounds of appeal against the Revenue in ITA No. 4895/M/2013, hence, both this is appeal of the Revenue is also dismissed. In the result, both the appeals filed by the revenue are dismisse ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
