Project completion method cannot be rejected merely because ICAI guidelines prefer percentage completion method

M/s. Shanti Constructions Vs ITO (ITAT Agra) AO the assessee partnership firm , has been engaged in the business of real estate and construction of buildings for past several years, assessed total income of Rs. 3,94,62,580 u/s 143(3) of the Income Tax Act, 1961 (“the Act” in short) as against returned income shown by the assessee of Rs. 1,12,120. The AO has observed that the assessee did not produce bills/vouchers before him for ascertaining the accuracy and correctness of the books of account; that it did not furnish evidence regarding closing stock; that it could only furnish the photoco...