TMI Blog2018 (3) TMI 1086X X X X Extracts X X X X X X X X Extracts X X X X ..... in question was received by way of bookingamount for Vraj Dham Housing Scheme which was duly reflected in the assessee's audited accounts. The assessee followed the project completion method for income recognition and the Assessing Officer was therefore not right in taxing such amount under Section 69 of the Income-tax Act, 1961. Since the view of the Tribunal is based on materials on record and i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... his Appeal against the Order of the Income Tax Appellate Tribunal, Ahmedabad [ Tribunal for short] dated 27th February 2017. Following two questions are presented for our consideration : [ a] Whether in the facts and circumstances of the case, learned ITAT has erred in law and on facts in holding the unaccounted income disclosed by the respondent assessee during survey proceedings under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... appeal. CIT [A] deleted the addition, which was confirmed by the Tribunal. The Tribunal noted that the assessee was engaged in the business of development of housing projects. The amount in question was received by way of bookingamount for Vraj Dham Housing Scheme which was duly reflected in the assessee's audited accounts. The assessee followed the project completion method for income recogni ..... X X X X Extracts X X X X X X X X Extracts X X X X
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