Case Law Details
PCIT Vs Burdwan Development Authority (Calcutta High Court)
On perusal of the order passed by the tribunal HC find that the tribunal has rightly taken note of the legal position and granted relief to the assessee. Apart from that, the tribunal has also noted the factual position and relevant details were called for. The assessing officer could not place anything on record to dispute the claim of the assessee of having not received the same during the year under consideration.
The tribunal has observed that the learned departmental representative has brought out nothing on record to dispute the finding/observation arrived at by the Commissioner of Income Tax (Appeals). That apart, the tribunal also noted that the assessee has been following the Project Completion Method and another project namely, Poddar Project has been completed in the previous year relevant to the assessment year 2009-10 and the entire income from the said project actually accrued to the assessee in the assessment year 2009-10 and the same was accordingly recognised and offered to tax as could be seen from the assessment order dated 20th December, 2016. On perusal of the said assessment order the tribunal noted that the amount of Rs.50,00,000/- has already taxed in the hands of the assessee for the assessment year 2009-10 when the relevant projected was completed and the amount in question actually accrued to the assessee as income on the basis of Project Completion Method followed by it. Furthermore, the tribunal also re-examined the relevant clauses of the agreement entered into by the assessee with M/s. Dheeraj Promoters and also noted the various conditions imposed therein.
HC find that there is no question of law much less substantial question of law arising for consideration in this appeal.
FULL TEXT OF THE JUDGMENT/ORDER OF CALCUTTA HIGH COURT
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