2026 (2) TMI 259

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....IT(A)/ADDL/JCIT(A)-4, Mumbai for assessment year 2015-16. 2. The grounds of appeal are as under:- "1. The LD CIT(A) has erred in law and on facts of the case in upholding the addition of Rs. 19,15,358/- made by the AO rejecting the income offered under percentage completion method as per AS 9 by your appellant. 2. The Ld CIT(A) has erred in upholding the observation of the AO ....

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....uction/development of residential complex and sale of flat on completion of construction. The Assessing Officer disallowed the expenditure to the extent of Rs. 2,64,120/- in respect of penalty paid to Silvasa Municipal Corporation for deviation in plan. The Assessing Officer made addition of Rs. 19,15,358/- in respect of percentage completion method as the assessee followed the said method but has....

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.... since inception of the firm. The Revenue has accepted this accounting method which is recognized by the Institute of Chartered Accountant and is in accordance of Accounting Standard AS-9. This fact was not disputed by the Assessing Officer as well as by the CIT(A). In assessee's case, the ownership of the flat was transferred only after execution of the sale deed on realization of full considerat....