https://www.taxtmi.com/caselaws?id=268408 The High Court ruled in favor of the Assessee for both AY 2005-06 and 2006-07, setting aside the ITAT's orders. The Court held that the Assessee's method of accounting was valid and recognized, emphasizing the applicability of the project completion method over the percentage completion method. The Court also determined that advance booking amounts could not be treated as income until the project commenced or conveyance deeds were executed. The rejection of the Assessee's books under Section 145 was deemed unwarranted. en-us Wed, 18 Nov 2015 00:00:00 +0530 Mon, 02 May 2016 15:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=268408 The High Court ruled in favor of the Assessee for both AY 2005-06 and 2006-07, setting aside the ITAT's orders. The Court held that the Assessee's method of accounting was valid and recognized, emphasizing the applicability of the project completion method over the percentage completion method. The Court also determined that advance booking amounts could not be treated as income until the project commenced or conveyance deeds were executed. The rejection of the Assessee's books under Section 145 was deemed unwarranted. Case-Laws Income Tax Wed, 18 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=268408