No Penalty when expenses disallowed were otherwise allowable in next year

Granite Gate Properties (P.) Ltd. Vs PCIT (Delhi High Court)

FACTS –

Assessee is a company engaged in real-estate development and started construction of 2 housing projects Lotus Boulevard and Lotus Panache in AY 2010-11 and 2011-12. Assessee was following Percentage of Completion Method (PoC) of accounting. Assessee didn’t recognized revenue of Lotus Boulevard and Lotus Panache till construction and development had crossed threshold of 30%.

Threshold of 30% of

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