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TMI Blog2025 (1) TMI 578X X X X Extracts X X X X X X X X Extracts X X X X ..... h Kumar, the learned Counsel for the Appellant, submits that this Appeal may be admitted on the following questions, which, according to him, are substantial questions of law:- "(a) Whether on the facts and in the circumstances of the case and in law, the Hon'ble ITAT was right in deleting the addition made by the Assessing Officer of Rs. 6,67,67,532/- on account of search action conducted by MHADA, during which 36 tenants were found to be bogus and thus ultra virus to the provisions of MHADA Act, 1976 and therefore disallowed by the Assessing Officer u/s 37 (1) of the I.T. Act, 1961, being proportionate expenses incurred for constructing the area for the said 36 bogus tenants?" (b) Whether on the facts and circumstances of the case an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h less any substantial questions of law, arise in this Appeal. He submits that the Commissioner (Appeals) and the ITAT have recorded concurrent findings of fact that the project was not completed by 31 March 2008, and therefore, there was no question of assessing the income in that assessment year. He submits that the project was ultimately completed in 2011, and the income was brought to tax in the assessment year 2011-12. 7. Mr Tulsiyan submitted that the assessee committed no offence. He submitted that the claims of the 36 tenants were not found to be tenable, and MHADA ultimately transferred the tenements to the assessee. The assessee was permitted to deal with the same commercially. He submitted that there was no dispute about the exp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The ITAT has also applied the legal principles and followed the decision of the Hon'ble Supreme Court in CIT Vs Malayalam Plantations Ltd 53 ITR 140 (SC). 12. For the above reasons, we are satisfied that the first question as proposed neither constitutes any question of law nor, in any case, constitutes a substantial question of law. 13. Regarding the second question, again, there are concurrent findings that the assessee was consistently following the project completion method of accounting from the very inception of its business. Further, this method of accounting was consistently accepted by the assessing officers over the past several years. Therefore, there was no reason not to accept this accounting method for AY 2008-09, particul ..... X X X X Extracts X X X X X X X X Extracts X X X X
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