2012 (7) TMI 1061

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.... assessment and accordingly statutory notices were issued and served on the assessee. During the course of assessment proceedings, the Assessing Officer asked the assessee company to file details in relation to the project of Vasant Lawns, Vasant Pride and Beumonde. The assessee filed the details as sought by the AO and explained that the project of the buildings were completed in the assessment year 2010-11 and accordingly the assessee has shown profits from these buildings in A.Y. 2010- 11. The assessee also explained that it is following the project completion method since A.Y. 2000-01 which have been accepted in the past assessment year, therefore the same should be accepted for the year under consideration. However, the AO was of the ....

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....ed upon the order of ITAT in ITA No. 3777/M/2010 in assessee's own case for A.Y. 2007-08. He further submitted that the assessee is following consistently the project completion method which has been accepted by the Tribunal in assessee's own case for assessment year 2007-08 (supra). Therefore, the same view can be adopted for the year under consideration. 15. We have heard the rival submissions and perused the orders of lower authorities and the Paper book and the order of Tribunal in ITA No. 3777/M/10(supra). It is a well established legal position that assessee can follow any recognized method of accounting with the only stipulation that the same method has to be followed consistently. In case of a building project, the Institut....

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....t was made u/s. 143(3) vide order dt. 31.3.2006 project completion method was accepted in respect of Vasant Leela Phase II, Vasant Sagar Phase II, Vasant Garden Phase II, Aishwarya, Galaxy, for A.Y. 2004-05, the assessment was made u/s. 143(3) vide order dt. 29.12.2006 accepting the project completion method in respect of Vasant Leela Phase III, Vasant Sagar Phase-III, Oscar and Milestone, for A.Y. 2005-06, the assessment was made u/s. 143(3) vide order dt. 31.12.2007 accepting the project completion method in respect of Oscar and Galaxy, for A.Y. 2006-07, the assessment was made u/s. 143(3) vide order dt. 31.12.2008 accepting project completion method in respect of Vasant garden & Vasant Oscar, for A.Y. 2007-08, the matter was travelled up....