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TMI Blog2019 (9) TMI 1014X X X X Extracts X X X X X X X X Extracts X X X X ..... was under a bonafide belief that the method adopted by it was recognized method for computing income for construction business i.e. project completion method - HELD THAT:- It appears that the project was a subject matter of litigation before this Court. There was a dispute between the Respondent and Chandivali Residents Association and also between the Respondent and Maharashtra Housing and Area ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... NO. 794 OF 2017 - - - Dated:- 16-9-2019 - M.S. SANKLECHA NITIN JAMDAR, JJ. Mr. Sham Walve for the Appellant. P.C. :- The Appellant Revenue has filed this Appeal under Section 260A of the Income Tax Act, 1961 challenging the order dated 8 July 2016 passed by the Income Tax Appellate Tribunal, Mumbai. By the impugned order the Tribunal had dismissed the Ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2004-05 was completed with total income of ₹ 16,96,75,146. An Appeal was filed and the Commissioner of Income Tax (Appeals) granted relief on account of receipt of ₹ 13,31,96,400/- and an irrevocable loan of ₹ 16.75 lacs. The Assessing Officer gave effect to the order in Appeal and determined income at ₹ 3,48,03,446/- The penalty proceedings were initiated under S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... been the case of the Respondent Assessee throughout that it was under a bonafide belief that the method adopted by it was recognized method for computing income for construction business i.e. project completion method. The question therefore arose whether the action of the Respondent was bonafide. It appears that the project was a subject matter of litigation before this Court. There was a disp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... curate particulars of income to justify invocation of Section 271(1)(c) of the Act. 6. In view of concurrent finding of fact by the Commissioner (Appeals) and the Tribunal, not being shown to be perverse or illegal, the view of the Tribunal calls for no interference. Thus, the issue raised in the Appeal does not give rise to any substantial question of law. The Appeal is dismisse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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