2011 (9) TMI 745

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....J. - These three appeals are preferred by the Revenue challenging the order of the Tribunal which has affirmed the order of the Appellate Commissioner who in turn has set aside the order of the assessing authority and deleted 8% of the work in progress from assessment of income. 2. The assessee is assessed in the status of a Company. He has filed returns of income for the relevant assessment....

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....t the 'Project Completion Method' is a recognised method of accounting, by placing reliance on the decision of the Tribunal in the case of other assessees and accordingly, allowed the appeals. Aggrieved by the said order, the Revenue preferred appeals to the Tribunal. The Tribunal relying on the judgment of this Court passed in the case of Khoday Distillers Ltd. IT Reference No. 1920 and 1921 of 1....

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....erefore, he submits that, the findings of the Appellate Commissioner as well as the Tribunal are to be set aside. 7. It is not in dispute that the assessee produced the books of account before the Assessing Officer. The Assessing Officer pointed out the defects. However, the said defects do not relate to the receipts, income and method of accounting. In that context, the Appellate Commissioner ....