2016 (9) TMI 1494

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... Lal, Sr. DR ORDER PER J. SUDHAKAR REDDY, ACCOUNTANT MEMBER ITA 2416/Del/10 is filed by the assessee for the A.Y. 2009-10 and and ITA 4930/Del/10 is filed by the Revenue for the A.Y. 2007-08. 2. The assessee is a company and is engaged in the business of real estate, construction and development of commercial complex. 3. The sole issue that arises for our consideration in both the Assessmen....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e Assessment Years (A.Y.) has accepted the claim of the assessee that it is in the real estate business. On these facts we respectfully follow the decision of the Mumbai Bench of the ITAT in the case of Haware Constructions P.Ltd. vs. ITO (2011) 64 DTR 251, wherein it is held as follows. "There is no dispute to the fact that the assessee company is engaged in the business of construction and bui....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....eagre income estimated by the AO. The project completion method is an accepted method of accounting for builders. The assessee is regularly following this method of accounting which has been accepted by the AO in the preceding as well as in the subsequent assessment year. Further the AS-7 as discussed by the AO and the CIT(A) is applicable only for contractors engaged in the civil construction bus....