9911796707
Advanced Search 
TMI Blog2021 (4) TMI 27X X X X Extracts X X X X X X X X Extracts X X X X ..... n respect of the Assessment years 2010-2011, 2011-2012 and 2012- 2013. ITA No.842/2018 pertains to Assessment year 2010-2011 whereas ITA No.843/2018 pertains to Assessment year 2011-2012 and ITA No.844/2013 pertains to Assessment year 2012-2013. 2. The appeals emanate from a common order passed by the Income Tax Appellate Tribunal dated 02.05.2018. The appeals are therefore heard analogously and decided by this common judgment. The appeals were admitted by a bench of this Court vide order dated 02.01.2020 on the following substantial questions of law: "i) Whether on the facts and in the circumstances of the case, the Tribunal is justified in holding that assessing authority is not right in observing that assessee was required to apply Ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n Industrial Suburb, I Stage, Rajajinagar, Bengaluru. The Housing Project of the assessee is popularly known as 'Esteem Classic'. The assessee purchased the land and started developing the land. The assessee had completed the work of construction of 71 flats and sold the same in the year ending 31.03.2012. The assessee sold 22 flats during the year ending 31.03.2013 and 21 flats during the period ending 31.03.2014. The assessee followed the completed contract method of recognizing the revenue as per Accounting Standard-9. In accordance with the aforesaid method of computation, the income for the Assessment year 2010-2011 to 2012-2013 and 2013- 2014 and 2014-2015 was completed and was declared. 4. The Assessing Officer accepted the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion of registration becomes insignificant, as it is a tactic to postpone the payment of income tax which is due for taxation for the period under consideration. It is further submitted that the Tribunal held that the tax effect is neutral / revenue neutral and the aforesaid finding is contrary to law. It is further submitted that the assessee has not shown his income, which indicates that this is a tactic to postpone the payment of tax. It is also submitted that the Assessing Authority had correctly adopted the project completion method. 6. On the other hand, learned Senior counsel for the assessee submits that the substantial questions of law involved in these appeals are no longer res integra and same are covered by the following decisio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... venue for the subsequent Assessment years 2013- 2014 and 2014-2015. 8. We have considered the submissions made on both sides and have perused the afore-mentioned decisions carefully. On perusal of the afore-mentioned decisions referred to supra rendered by this court in the case of PRESTIGE ESTATE PROJECTS, BANJARA DEVELOPERS & CONSTRUCTIONS (P) LTD., VARUN DEVELOPERS, S.N. BUILDERS & DEVELOPERS IN ITA 393/2014 AND ITA 739/2018 as well as the decisions of the Hon'ble Supreme Court in EXCEL INDUSTRIES and in BILAHARI INVESTMENTS supra and taking into account the fact that the Revenue itself has recognized the completed contract method for computation of the subsequent Assessment years, that is 2013-2014 and 2014-2015, we answer the subs ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
