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ITAT upheld CIT(A)'s order, dismissing Revenue's appeal. The tribunal confirmed the consistent accounting method for project revenue recognition, rejecting AO's computation of addition under Percentage Completion Method. The tribunal noted the project ultimately resulted in a loss and the assessee's share was incorrectly calculated. The key principles of accounting consistency and proportional revenue recognition were applied, finding no procedural or computational errors in CIT(A)'s original order. The interest expense addition related to land co-owners was also deleted, with the tribunal agreeing that no interest was chargeable on advances. Consequently, the Revenue's appeal was comprehensively dismissed.
ITAT upheld CIT(A)'s order, dismissing Revenue's appeal. The tribunal confirmed the consistent accounting method for project revenue recognition, rejecting AO's computation of addition under Percentage Completion Method. The tribunal noted the project ultimately resulted in a loss and the assessee's share was incorrectly calculated. The key principles of accounting consistency and proportional revenue recognition were applied, finding no procedural or computational errors in CIT(A)'s original order. The interest expense addition related to land co-owners was also deleted, with the tribunal agreeing that no interest was chargeable on advances. Consequently, the Revenue's appeal was comprehensively dismissed.
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