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TMI Blog2011 (9) TMI 745X X X X Extracts X X X X X X X X Extracts X X X X ..... e followed. - In view of H.M. Constructions (2001 -TMI - 57617 - ITAT BANGALORE ), the defects pointed out do not relate to the receipts, income, method of accounting and also work in progress, project completion method to be followed. - IT APPEAL NOS. 1040 TO 1042 OF 2006 - - - Dated:- 26-9-2011 - N. KUMAR AND RAVI MALIMATH, JJ. M. Thirumalesh for the Appellant. S. Parthasarthi for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... taining regular books of account to find out true profits worked out by the assessee. In the absence of books of account, the method to be adopted is 'Percentage Completion method'. Therefore, the Assessing Officer computed taxable income at 8% of the work in progress and made the assessment. Aggrieved by the said orders, the assessee preferred appeals to the Commissioner of Income Tax (Appeals), ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t examining as to whether the assessee is entitled to the project completion method in the absence of regular books of account required to be maintained by the assessee ?" 6. Learned Counsel for the Revenue assailing the impugned orders contended that when the assessee has not maintained regular books of account, the proper way to make the assessment is to adopt. 'Percentage Completion method' a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4 ITD 429 (Bang.) and this Court in the case of Khoday Distillers Ltd. (supra) has held that the Project Completion method) is a recognized method. Once the books of account were maintained, it is the 'Project Completion method' which has to be followed. Therefore, following the judgment of the Tribunal as well as this Court, two authorities have concurrently held that the assessee has maintained ..... X X X X Extracts X X X X X X X X Extracts X X X X
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