Bonafide switch from Percentage to Project completion method allowable

DCIT Vs Runwal Multihousing Pvt. Ltd. (ITAT Pune)

we find that the assessee was regularly following the Percentage completion method by valuing the closing work-in-progress at estimated realizable price. Certain unforeseen circumstances developed. The assessee switched over from the Percentage completion method to the Project completion method by filing a revised return. It is not the case of the Revenue that the revised return was otherwise, not valid. Similarly, the Revenue has also not made out a case that the assessee di

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