Income under Project completion method taxable only in year of project completion

CIT Vs Jalaram Jagruti Development Pvt. Ltd. (Bombay High Court)

It was held by ITAT that receipts in question cannot be brought to tax in A.Y. 2003-04 to 2005-06. These receipts have already been accounted for in the books of account and  can be taxed only in the year in which project is complete as Assessee follows project completion method of accounting and income from the project is already been offered for tax.

It was held, the receipts in question cannot be brought to tax in A.Y. 20

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