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TMI Blog2017 (2) TMI 682X X X X Extracts X X X X X X X X Extracts X X X X ..... (2015 (11) TMI 1217 - DELHI HIGH COURT ) had noted that this method is a known and recognised method of accounting, and was approved as a proper one. The Court had also relied on CIT v. Bilahari Investment Pvt. Ltd. (2008 (2) TMI 23 - SUPREME COURT ). Having regard to the factual findings of the ITAT, the Court is of the opinion that no substantial question of law arises. - ITA 452/2016, CM APPL. 26465/2016 - - - Dated:- 8-2-2017 - MR. S. RAVINDRA BHAT MR. NAJMI WAZIRI JJ. Appellant Through: Mr. Sanjay Kumar and Mr. Dileep Shivpuri, Advocates. Respondent Through: None. S. RAVINDRA BHAT, J. (Open Court) 1. The Revenue in this appeal under Section 260A of the Income Tax Act, 1961 ( the Act ) is urging th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ilable at pages 207 to 211 of the assessee's Paper Book, it is clear that in column 'E' page 3, it has been explicitly mentioned that the audited accounts filed for the financial year ending on 31.3.08, 31.3.09, 31.03.10 31.3.11, it is clear that the assessee has followed the same system of revenue recognition i.e. AS-7 in all the subsequent Assessment Years. It was also submitted on behalf of the assessee that as per Assessment orders passed u/s 143(3) of the Act on 29.10.10 for Assessment Year 2008-09 and on 13.5.2011 for 2009-10, the Assessing Officer has accepted the returned income of the assessee wherein the Revenue has been booked in accordance with the changed method of accounting i.e. AS-7. In view of these submission ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orders on 23.12.12, it is obvious that the copies of the annual accounts for the year ending on 31.3.07, 31.3.08, 31.3.09, 31.3.10 and also copies of the assessment orders for Assessment Year 2008-09 and 2009-10 (supra) were part of assessment records and if the same were taken into consideration in the light of submissions and contentions of the assessee in response to notice u/s 263 of the Act, then the CIT could have noticed that the assessee is following AS-7 not only in the Assessment Year under consideration viz. 2007-08, but the same was consistently followed in the subsequent Assessment Years for recognising revenue from Engineering Business Segment wherein the assessee company has followed percentage completion method as prescribed ..... X X X X Extracts X X X X X X X X Extracts X X X X
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