https://www.taxtmi.com/caselaws?id=446709 The ITAT Delhi ruled in favor of the assessee regarding income recognition for real estate projects. The AO applied Percentage of Completion Method (POCM) based on ICAI accounting standards effective from April 1, 2012, making additions to income. However, the tribunal held that the Rule of Consistency applied since the assessee's accounting method was accepted in previous assessment years. The tribunal noted that ICAI guidance notes were not notified by the Central Government under section 145(2) of the Income Tax Act. The CIT(A)'s deletion of the addition was upheld, with the tribunal ruling against the revenue department. en-us Wed, 16 Aug 2023 00:00:00 +0530 Fri, 20 Feb 2026 17:21:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446709 The ITAT Delhi ruled in favor of the assessee regarding income recognition for real estate projects. The AO applied Percentage of Completion Method (POCM) based on ICAI accounting standards effective from April 1, 2012, making additions to income. However, the tribunal held that the Rule of Consistency applied since the assessee's accounting method was accepted in previous assessment years. The tribunal noted that ICAI guidance notes were not notified by the Central Government under section 145(2) of the Income Tax Act. The CIT(A)'s deletion of the addition was upheld, with the tribunal ruling against the revenue department. Case-Laws Income Tax Wed, 16 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446709