2025 (3) TMI 2265

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....dra Shrivastava - Ld. Sr. DR ORDER MANOJ KUMAR AGGARWAL (ACCOUNTANT MEMBER) 1. Aforesaid appeal by assessee for Assessment Year (AY) 2018-19 arises out of an order of learned Commissioner of Income Tax (Appeals), NFAC [CIT(A)] dated 20-04-2023 in the matter of an assessment framed by Ld. AO u/s 143(3) vide order dated 05-04-2021. The substantial grievance of the assessee is addition of Rs....

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....e has adopted revenue recognition method on sale basis on the projects which were started before 01-04-2012 i.e., before release of Guidance Note on Accounting for Real estate. This method was accepted by the department in earlier years which is evident from assessment orders of earlier years as placed on record. The Ld. AR stated that after this, the assessee has applied percentage of completion ....

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....pport the same, Ld. AR referred to the pleadings made before Ld. CIT(A). 4. From assessee's submissions, it is quite clear that all the three projects were stated before 2011 and the same have already been completed on 30-04-2012, 25-02-2013 and 17-05-2014 respectively. The assessee has recognized revenue on sale basis which is recognized method of accounting for such projects. It is another su....