2016 (2) TMI 1377

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..... een filed against the order of the Commissioner of the Income Tax (Appeals) -X, New Delhi order dated 19.08.2013 passed in First Appeal No. 51/12-13 for AY 2010-11. 2. We have heard arguments of both the sides and carefully perused the relevant materials placed before us on record. The Ld. assessee representative (AR) submitted copies of the order of the Hon'ble high Court of Delhi passed in asse .....

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..... the method of accounting adopted by the assessee for revenue reorganization and applying the percentage completion method (PCM). However, she could not assist us whether the orders of the Tribunal and Hon'ble High Court have been modified or dismissed by any higher forum. 4. On careful consideration of above submission of both the sides at the outset we note that the Hon'ble Jurisdictional High C .....

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..... The brief facts are that the assessee in engaged in real estate development and derives its income from actual sale and transfer of property. For this purpose, it purchases land-including built up property-which it subsequently demolishes and develops in the layout township and after which the residential units are sold. In all previous years, the assessee had adopted AS-9, i.e. the project com .....

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..... and noted its difference were considered. In Manish Buildwell (Supra) it was held that it cannot be said that project completion method would result in deferment in payment of taxes which are to be assessed annually. The ITAT in these circumstances held-in relation to the assessee/respondentthat the adoption of the project completion method is an established method of accounting. In these circums .....

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..... of Hon'ble High Court is also applicable in favour of the assessee to the present case pertaining to AY 2010-11 and accordingly sole ground of the revenue being devoid of merits is dismissed in the result appeal of the revenue is dismissed. 6. In the result appeal of the revenue is dismissed in the manner as indicated above. Order is pronounced in the open court on 24/02/2016.
Case laws, De .....

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