2017 (11) TMI 858

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.... ORDER 1. The question, which the Revenue urges in these two appeals, is whether the ITAT fell into error in accepting the method of treatment of revenue and income by the assessee, who is a developer and undertakes construction projects including those of commercial buildings. The AO sought to bring additional amount to tax on the ground that even while the assessee claimed to have followed th....

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.... "The AO, during the asst. yr. 2006-07 has also accepted the project completion method followed by the assessee and has not disturbed the income by making any estimated income on the work-in-progress. There is also merit in the submission of the counsel for the assessee that the assessee has Declared huge income in the subsequent year after completion of the said project as against meager inc....

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....ound reason as to why the same should be rejected and percentage completion method be followed." 4. This Court is of the opinion that the instances pointed out by the ITAT, in the present case, are significant - both in the previous assessment year as well as in the subsequent assessment years, the AO appears to have accepted the system of accounting. There is nothing on record to suggest that ....