Adoption of Percentage Completion Method not justified as Project Completion Method accepted in earlier years

Vyapti Enterprise Vs ITO (ITAT Ahmedabad) ITAT Ahmedabad held that addition by adopting Percentage Completion Method cannot be sustained as department already accepted Project Completion Method in earlier years. Accordingly, appeal allowed and addition set aside. Facts- The assessee is a partnership firm engaged in the business of real estate developments. AO held that percentage completion method is to be adopted in the assessee’s case since out of the total sale consideration of total units sold of Rs. 29,11,23,000/-, Rs. 22,71,16,656/- have been received as advance from the customers whic...