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ITAT partially allowed the assessee's appeal regarding amounts found in a diary and surrendered by a director. The Tribunal held that since the surrendered amount represented gross undisclosed income rather than net profit, a lump sum addition of 10 lacs (out of 1.35 crores) was appropriate to cover potential revenue leakage while acknowledging expenditures incurred. Regarding accounting methods, ITAT ruled in favor of the assessee's use of the project completion method rather than percentage completion method. The Tribunal noted this method had been consistently followed and previously accepted by revenue authorities. The Tribunal recognized that immovable property transfers are governed by the Transfer of Property Act, where transfers are complete only upon full payment and possession, making the project completion method appropriate for revenue recognition.
ITAT partially allowed the assessee's appeal regarding amounts found in a diary and surrendered by a director. The Tribunal held that since the surrendered amount represented gross undisclosed income rather than net profit, a lump sum addition of 10 lacs (out of 1.35 crores) was appropriate to cover potential revenue leakage while acknowledging expenditures incurred. Regarding accounting methods, ITAT ruled in favor of the assessee's use of the project completion method rather than percentage completion method. The Tribunal noted this method had been consistently followed and previously accepted by revenue authorities. The Tribunal recognized that immovable property transfers are governed by the Transfer of Property Act, where transfers are complete only upon full payment and possession, making the project completion method appropriate for revenue recognition.
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