9911796707
TMI Blog2016 (10) TMI 45X X X X Extracts X X X X X X X X Extracts X X X X ..... er cent and Commissioner was factually wrong in making further additions on this score - Held that:- Irrespective of the error of the Commissioner in referring to the said figure, we notice that the respondent assessee was in the business of development of construction project in which booking profit on the basis of project completion method is a well recognised principle of accountancy. It is not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... percentage completion method as per Accounting Standard 7 is applicable which the assessee himself has adopted while offering ₹ 3.5 crores as its income during the course of survey and not project completion method ? (B) Whether the Appellate Tribunal has erred in law and/or on facts in not considering the assessee was a contractor and Accounting Standard 7 is applicable in its case a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... law and on facts in taking into account the booking amount and not the actual work done ? 3. Though the questions framed are many, the issues are only two namely; of distributing the income of ₹ 3.50 crores offered by the assessee during survey operation and whether the assessee could have employed the project completion method while booking profit for ongoing construction project. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing further additions on this score. 6. Learned counsel Mr. Bhatt for the revenue however submitted that the Commissioner merely made a wrong mention of such figure as being part of the booking receipts. In fact, the Commissioner had referred to such figure in the context of the assessee's accounts which were based on project completion method. The Commissioner had given detailed reasons wh ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
