2016 (2) TMI 304

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.... been raised in the Appeal Memo, the issues which really arise for consideration are telescoped in Questions (A) and (B) thereof which read as under:- "(A): Whether on the facts and in the circumstance of the case and in law, the Tribunal was justified in holding that the assessee has not violated the provisions of section 80 IB(10) without taking into consideration the clinching evidence gathered by the survey team which had found that there are many residential units in the building admeasuring more than stipulated limit of 1000 sq.ft. after including the exclusive terrace? (B): Whether on the facts and in the circumstance of the case and in law, the Tribunal was justified in upholding the order of the CIT(A) regarding project complet....

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....rospective in nature and would not apply to the housing projects commenced prior to 1.4.2005. 10. We are of the view that Mr.Gupta's submission apropos assessment year 2005-06 will make no difference since the provisions of section 80IB(14)(a) will not affect the present project having been sanctioned prior to 1.4.2005. In the present case it is seen that the approval of the project was granted on 16th July,2002 well before introduction of the provisions of clause (d) which came into effect from 1.4.2005. 11. In the circumstances and in the facts of the present appeals these issues are covered by the judgment in M/s.Happy Home Enterprises and M/s.Kanakia Spaces Pvt. Ltd., we do not find that any of the questions proposed give rise t....

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....etermining profit at 8% on the basis of percentage completion method of accounting cannot be accepted. The CIT(A) held that the method of accounting regularly employed by the respondentassessee was project completion method and no defect in the books of account maintained by the respondent-assessee has been pointed out. Thus, the order of the Assessing Officer to the extent it determined profit at 8% of percentage completion method was set aside by order dated 17th February, 2009 of the CIT(A). (c) On further appeal by the revenue, the Tribunal by the impugned order dated 21st November, 2011 upheld the finding of the CIT(A) that no defects have been brought on record by the Assessing Officer to reject a recognized method of accounting adop....