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TMI Blog2015 (5) TMI 1111X X X X Extracts X X X X X X X X Extracts X X X X ..... e is that the assessment order is neither erroneous nor prejudicial to the interest of the Revenue as the necessary details were filed before the Assessing Officer relating to the project Peace Heaven and the same were duly examined and verified by him by passing a assessment order u/s 143(3) of the Act. Thus, invoking the revisional jurisdiction is unjustified. On the other hand, Shri R.R. Prasad, ld. CIT-DR, defended the conclusion arrived at in the impugned order by submitting that the assessment order shows that there is no discussion about the correctness of method of accounting employed by the assessee as there is no whisper about the genuineness and accuracy of the profit declared by the assessee by adopting percentage completion met ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... year by claiming deduction u/s 80IB(10) of the Act. The project was Agrawal Hill View was consisting of three wings of four stories, each were also completed during the year and no deduction was claimed u/s 80IB(10) of the Act. The project namely Peace Heaven, consisting of ten wings of seven stories each of which the work was in progress for which the assessee offered income on percentage completion method. The assessee showed loss of Rs. 1,02,86,173/- from the project Agrawal Trinity Tower and loss of Rs. 36,53,108/- from the project Peace Heaven and a profit of Rs. 1,68,39,377/- from project Hill View. The project at Trinity Tower was shown as eligible for deduction u/s 80IB(10). There is a discussion in the assessment order that claim u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the present case. Assessment order u/s 143(3) of the Act was passed after detailed enquiry/explanation and discussion by the Assessing Officer. Due discussion has been made in the assessment order with respect to Peace Heaven Project and the assessee consistently followed the same method which was accepted in earlier years after making a detailed enquiry as is evident from various pages of the paper book like notice u/s 142(1), reply to the notice by the assessee, audit report, note in the audit report, details of inventory in Agarwal Peace heaven project and the Assessing Officer has made specific recording about the construction in progress and percentage completion project method adopted by the assessee. In view of these facts, it is cl ..... X X X X Extracts X X X X X X X X Extracts X X X X
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