Consistently Followed Project Completion Method Cannot Be Rejected: ITAT Surat

Anand Associates Vs ITO (ITAT Surat) Consistently Followed Project Completion Method Cannot Be Rejected: ITAT Surat Deletes Addition on Percentage Completion Basis The Surat SMC Bench of the ITAT allowed the assessee’s appeal for AY 2015-16 and deleted the addition of ₹19.15 lakh made by rejecting the project completion method of accounting followed by the assessee, a real estate developer. The Assessing Officer had sought to tax income by applying the percentage completion method, despite the assessee consistently following the project completion method since inception, in accordance with...