2021 (3) TMI 212

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....see is directed against the order of Commissioner of Income Tax (Appeals)-28, Mumbai (in short 'the CIT(A)') dated 22/03/2019 for the assessment year 2013-14. 2. Shri Satish Mody, appearing on behalf of the assessee submitted that the assessee is a builder and developer. The assessee is following Project Completion Method for recognition of profit. The assessee for the impugned assessment year ....

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....icer, however, the Assessing Officer made addition of the aforesaid penalty amount. Aggrieved by the assessment order dated 17/03/2016 passed under section 143(3) r.w.s 147 of the Act, the CIT(A) without appreciating the facts rejected assessee's contention and upheld the assessment order, hence, the present appeal by the assessee. 3. Per contra, Shri Ajay Pratap Singh representing the Departme....

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....of income for the relevant assessment year i.e. assessment year 2017-18 has reduced the amount of penalty/regulation charges amounting to Rs. 19.51 lacs paid to BMC. The fact that the assessee is following Project Completion Method to recognise profits has not been disputed by the Revenue. The only issue is, whether the assessee in return of income for the year in which income from project has bee....