2020 (12) TMI 932

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.... R. S. SYAL , VP : This appeal by the Revenue has been instituted against the order passed by the Commissioner of Income-tax (Appeals)-4, Pune, dated 12-03-2017 in relation to the assessment year 2006-07. 2. The only issue raised in this appeal is against the deletion of addition of Rs. 17,74,99,165 made by the Assessing Officer by not accepting change in the method of accounting adopted by ....

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....bulating details at pages 3 and 4 of the assessment order. On being called upon to explain as to why the method of accounting was changed, the assessee submitted that there were certain unforeseen circumstances, because of which the work in respect of projects had totally stopped. It was also stated that there were certain Court cases against the assessee and it was not able to proceed with the pr....

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...., the Revenue is in appeal before the Tribunal. 4. We have heard both the sides through Virtual Court and gone through the relevant material on record. The assessee was initially following the Percentage completion method by showing income on the basis of percentage of work done. In contrast, the project completion method, which is an equally recognized method, mandates the determination of inc....

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.... Revenue that the revised return was otherwise, not valid. Similarly, the Revenue has also not made out a case that the assessee did not consistently follow the Project completion method in the following years. The ld. AR vehemently submitted that the assessee continued to follow the Project completion method and offered income under this method in the later years. Once it is seen that the assesse....