TMI Blog2022 (4) TMI 690X X X X Extracts X X X X X X X X Extracts X X X X ..... was lost sight of by the ITAT as well as the CIT (A). That this has been the consistent practice of the Appellant was easily verifiable from the returns already filed in the earlier AYs. The questions framed by this Court are answered in favour of the Assessee and against the Department by holding that the ITAT was not justified in following the percentage completion method for calculating the profit of the Assessee for the AY in question and determining the net profit @ 6.45%. The ITAT also erred in declining the Appellant Assessee an opportunity of producing its books of account. The impugned order of the ITAT and the corresponding orders of the CIT (A) and the AO on this point are hereby set aside.- Decided in favour of assessee. - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Tax Act and subsequently, a notice under Section 143(2) of the Act was served. The Assessee appeared before the Income Tax Officer (ITO)/ Assessing Officer (AO) through counsel on 25th September, 2019 and filed the Audited Accounts, copy of bank statement, copy of the Computation of Income and ITR-V. A written submission was also filed by the authorized representative (AR) of the Appellant. 3. It is stated that after perusing the relevant documents/records, the AO passed the impugned assessment order dated 28th December, 2017. It is stated that the Assessee has been consistently following the Completed Services Contract Method which was also accepted by the Department. In the preceding years there has been no change in the method of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ere being sales of the stock it would not be possible to estimate the net profit. Moreover, there has been no rejection of the books of account of the Assessee which reflects the Completed Services Contract Method of accounting consistently followed by the Assessee. This was lost sight of by the ITAT as well as the CIT (A). That this has been the consistent practice of the Appellant was easily verifiable from the returns already filed in the earlier AYs. 8. In that view of the matter, the questions framed by this Court are answered in favour of the Assessee and against the Department by holding that the ITAT was not justified in following the percentage completion method for calculating the profit of the Assessee for the AY in questi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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