9911796707
TMI Blog2017 (11) TMI 1997X X X X Extracts X X X X X X X X Extracts X X X X ..... of the case are that the assessee firm engaged in the business of construction of buildings filed its return of income for the assessment year under consideration declaring 'Nil' income. The return was processed u/s 143(3) of the Act and the return was accepted. Subsequently, the case was selected for scrutiny and notices u/s 143(2) and 142(1) were issued. In response thereof, the authorized representative (AR) of the assessee appeared and filed the details called for. During the year relevant to the assessment year under consideration, the assessee was engaged in constructing a project which had been started in 2008-09. Since, the assessee has been following the project completion method, no tax was offered in respect of the income pertain ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... peal before the Tribunal by raising the following effective ground of appeal: "Whether on the facts and in the circumstances of the case and in law, the Learned CIT (A) was justified in deleting the addition made by the Assessing Officer on account of percentage completion method?." 4. Before us, the Ld. Departmental representative relying on the assessment order submitted that since, the assessee has followed the project completion method, to postpone the tax liability, the AO has rightly rejected the explanation given by the assessee and determined the profit earned during the accounting year under consideration in terms of section 145 of the Act as amended w.e.f. 01.04.1997 and added the amount to the income of the assessee. Therefore ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ethod albeit in subsequent years and it is claimed that no prejudice has been caused to the Revenue. But, however to substantiate this conditions evidences are not placed on record by the assessee before us except provisional profit and loss account for financial year 2013-14. After considering the various case laws cited by the assessee based on peculiar facts of the case, we are of the considered view that consistency has to be followed as the Revenue has accepted the 'project completion method' in the past. The entire profit from this project is stated to have been offered for taxation and due taxes are stated to have been paid to the Revenue albeit in assessment year 2014-15. In our considered view in order to render substantial justice ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... w. We order accordingly." 7. The facts and the issue involved in the present case are identical to the facts and the issue involved in the assessee's own case for the assessment year 2011-12. The identical issue has already been decided in favour of the assessee in the assessee's own case ITA No 6178/Mum/2014 for the assessment year 2011-12 vide order dated 19.12.16 and the findings of the Ld. CIT(A) is in accordance with the decision of the co-ordinate Bench. Hence, we respectfully following the findings of the co-ordinate Bench, uphold the findings of the Ld. CIT(A) and dismiss the sole ground of appeal of the revenue. In the result, appeal filed by the revenue for the assessment year 2012-2013 is dismissed. Order pronounced in the ope ..... X X X X Extracts X X X X X X X X Extracts X X X X
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