https://www.taxtmi.com/caselaws?id=268474 The project completion method under Accounting Standard 9 was upheld as correctly applicable to the assessee's real estate business because it had been consistently followed in earlier years and already accepted by the Tribunal for prior assessments. The Court relied on earlier rulings recognising the distinction between the project completion method and the percentage completion method, and held that the former could not be rejected merely because it defers tax payment. In the absence of any new factual development or legal basis showing the method to be inappropriate, the Revenue's challenge did not raise a substantial question of law. en-us Wed, 07 Jan 2015 00:00:00 +0530 Wed, 25 Nov 2015 15:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=268474 The project completion method under Accounting Standard 9 was upheld as correctly applicable to the assessee's real estate business because it had been consistently followed in earlier years and already accepted by the Tribunal for prior assessments. The Court relied on earlier rulings recognising the distinction between the project completion method and the percentage completion method, and held that the former could not be rejected merely because it defers tax payment. In the absence of any new factual development or legal basis showing the method to be inappropriate, the Revenue's challenge did not raise a substantial question of law. Case-Laws Income Tax Wed, 07 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=268474