TMI Blog2022 (8) TMI 458X X X X Extracts X X X X X X X X Extracts X X X X ..... assessment year 2009-10 and the entire income from the said project actually accrued to the assessee in the assessment year 2009-10 and the same was accordingly recognised and offered to tax as could be seen from the assessment order dated 20th December, 2016. On perusal of the said assessment order the tribunal noted that the amount of Rs.50,00,000/- has already taxed in the hands of the assessee for the assessment year 2009-10 when the relevant projected was completed and the amount in question actually accrued to the assessee as income on the basis of Project Completion Method followed by it. Furthermore, the tribunal also re-examined the relevant clauses of the agreement entered into by the assessee with M/s. Dheeraj Promoters and a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... me of the Assessee from sale of development right to the tune of Rs.4,90,52,168/- being not actually received in the relevant previous year. But the accrual took place on February 8, 2006 which was within the Financial Year 2005-06 ? (ii) Whether on the facts and in the circumstances of the case the learned Income Tax Appellate Tribunal erred in law in agreeing the Project Completion Method followed by the Assessee as the accrual of amount was due to the Assessee in the year under consideration, therefore, was rightly assessed by the Assessing Officer ? We have heard Mr. Prithu Dudheria, learned standing counsel for the appellant/revenue and Mr. Abhratosh Majumdar, learned senior counsel assisted by Mr. Pingal Bhattacharyya, learne ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... amely, Poddar Project has been completed in the previous year relevant to the assessment year 2009-10 and the entire income from the said project actually accrued to the assessee in the assessment year 2009-10 and the same was accordingly recognised and offered to tax as could be seen from the assessment order dated 20th December, 2016. On perusal of the said assessment order the tribunal noted that the amount of Rs.50,00,000/- has already taxed in the hands of the assessee for the assessment year 2009-10 when the relevant projected was completed and the amount in question actually accrued to the assessee as income on the basis of Project Completion Method followed by it. Furthermore, the tribunal also re-examined the relevant clauses of th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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