2016 (9) TMI 1494

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....v, Adv. For The Revenue : Sh.Amrit 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 arise....

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....CIT(A). The Assessing Officer (A.O.) in both the 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 comp....

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....year after completion of the said project as against meagre 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....