2002 (3) TMI 204

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.... 2. We have heard Shri Lakshminarasimhan, learned counsel for assessee, and Shri P.C. Chadaga, the learned Departmental Representative. The facts leading to the demand are as under: In this case, the assessee a developer and builder of residential apartments is in this line of business for over two decades. It has executed many projects. It has consistently offering income on completed contract....

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....illegal, and (ii) The AO should not have changed the method of accounting consistently followed year to year and accepted by the Department in the past. The CIT(A) has confirmed the assessment order. Eventually the tax demand was raised for the first time in a sum of Rs.73,81,934 due to change in the method of accounting. 3. The learned counsel for assessee submitted that the assessment i....

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.... further argued that the assessee has, for the asst. yr. 2001-02 also filed return of income based on the project completion method in which the entire work-in-progress till asst. yr. 1997-98 is included and on which he has paid income-tax over Rs.25 lakhs. This amounts to double taxation of the same income. He, therefore, urged that it is a fit case for stay of demand as all the factors leading t....

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....l years and has been paying taxes accordingly. At present, we are not inclined to opine anything on the taxability or otherwise of the total income. Suffice it to say that it will be in the interest of justice to stay the demand for the time being. The assessee has made a prima facie case before us. He has also demonstrated that the financial condition is not conducive to pay such a huge demand. A....