2012 (10) TMI 1019

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....venue is in appeal against the judgment of the Income Tax Appellate Tribunal dated 5.8.2011 raising following questions for our consideration : "(A) Whether the Appellate Tribunal is right in law and on facts in deleting the addition of Rs. 27 ,85,925/- in respect of estimated gross profit? (B) Whether the Appellate Tribunal is right in law and on facts in deleting the addition o....

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....tly different ground, namely, that the assessee being a developer of the project, profit in his case, will arise on transfer of title of the property and receipt of any advances or booking amount cannot be treated as trading receipt of the year under consideration. The Tribunal further noted that such method of accounting followed by the assessee had been accepted by the revenue in earlier years. ....