2016 (2) TMI 1377

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....JM 1. This appeal by the Revenue has been filed against the order of the Commissioner of the Income Tax (Appeals) -X, New Delhi order dated 19.08.2013 passed in First Appeal No. 51/12-13 for AY 2010-11. 2. We have heard arguments of both the sides and carefully perused the relevant materials placed before us on record. The Ld. assessee representative (AR) submitted copies of the order of the....

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....d that the AO was quite correct in rejecting the method of accounting adopted by the assessee for revenue reorganization and applying the percentage completion method (PCM). However, she could not assist us whether the orders of the Tribunal and Hon'ble High Court have been modified or dismissed by any higher forum. 4. On careful consideration of above submission of both the sides at the outset....

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....was correctly applicable in the circumstances of the cases. The brief facts are that the assessee in engaged in real estate development and derives its income from actual sale and transfer of property. For this purpose, it purchases land-including built up property-which it subsequently demolishes and develops in the layout township and after which the residential units are sold. In all p....

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....both the percentage completion and the project completion methods, and noted its difference were considered. In Manish Buildwell (Supra) it was held that it cannot be said that project completion method would result in deferment in payment of taxes which are to be assessed annually. The ITAT in these circumstances held-in relation to the assessee/respondentthat the adoption of the project completi....