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TMI Blog2021 (10) TMI 170X X X X Extracts X X X X X X X X Extracts X X X X ..... n Contract Method or the percentage Completion Contract Method for computation of income has to be adopted requires fair adjudication on the basis of facts. Therefore, the orders dated 27.08.2013 and 23.09.2013 passed by the CIT (Appeals) and so far the order of the AO vide orders dated 29.11.2010 and 16.12.2011 so far as it pertains to issue No.1 are hereby quashed and the matter is remanded to t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y the Income Tax Appellate Tribunal. The subject matter of the appeal pertains to the Assessment years 2008-09 and 2009-10. The appeal was admitted by a bench of this Court vide order dated 29.11.2017 on the following substantial questions of law: 1. Whether the Tribunal is justified is justified in law in holding that the percentage completion method is applicable to the developer on the fac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... order dated 29.11.2010, made certain additions and disallowance of ₹ 57,75,178/- on account of a report submitted in Arcot Narian Street Project by applying percentage completion contract method. Similarly for the assessment year 2009-10, the Assessing Officer completed the assessment and vide order dated 16.12.2011 and allowed addition of ₹ 1,92,53,422/- on account of report submitted ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... counsel for the assessee submits that the following issues arise for consideration in this appeal: a) Whether the percentage contract completion method is applicable to a developer and on facts of the case. b) Without prejudice whether the working adopted by the assessing officer is fair and correct on the facts of the case. 7. It is further submitted that the order passed by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ication on the basis of facts. Therefore, the orders dated 27.08.2013 and 23.09.2013 passed by the Commissioner of Income Tax (Appeals) and so far the order of the Assessing Officer vide orders dated 29.11.2010 and 16.12.2011 so far as it pertains to issue No.1 are hereby quashed and the matter is remanded to the Tribunal for decision afresh in accordance with law. It is needless to state that it ..... X X X X Extracts X X X X X X X X Extracts X X X X
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