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Consistently Followed Project Completion Method Cannot Be Rejected: ITAT Surat
Case Law Details
- Case Name
- Anand Associates Vs ITO (ITAT Surat)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All ITAT, ITAT Surat
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Anand Associates Vs ITO (ITAT Surat)
Consistently Followed Project Completion Method Cannot Be Rejected: ITAT Surat Deletes Addition on Percentage Completion Basis
The Surat SMC Bench of the ITAT allowed the assessee’s appeal for AY 2015-16 and deleted the addition of ₹19.15 lakh made by rejecting the project completion method of accounting followed by the assessee, a real estate developer. The Assessing Officer had sought to tax income by applying the percentage completion method, despite the assessee consistently following the project completion method since inception, i...
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