2015 (1) TMI 1500

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..... THAT:- The issue in question is squarely covered by ITAT Jaipur Bench consolidated for assessment year 2003-04 to 2006-07, 2009-10, 2007-08 2008-09 and assessment year 2007-08 to 2009-10 wherein the rejection of books of account u/s 145(3) of the Act have been held to be not proper and assessee's method of accounting i.e. project completion method has been upheld by following observations b .....

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..... e main grounds are as under:- (i) upholding the rejection of books of account u/s 145(3) of the Act. (ii) applying percentage completion method in place of project completion method followed by the assessee,. (iii) making addition of Rs. 2,98,230/- for assessment year 2008-09 and Rs. 3,21,705/- for the assessment year 2009-10 by above change of method 2.1 The ld. Counsel for the assess .....

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..... ed herein before in this case, it is neither proper nor justified to hold that the books of account maintained by the assessee did not present true and complete picture of its accounts and financial transactions. It is a case where accounts of the assessee are correct and complete. Method of accounting and accounting standard has been regularly followed. True and correct profits of the business of .....

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..... l by revenue become infructuous and stand rejected. 15. Parties have fairly admitted that there being identical facts in the appeals for the assessment years 2004-05 to 09-10 and identical issues have been raised, the same may therefore be disposed off in the light of decision and conclusions that is taken for assessment year 2003-04. That being so the facts and circumstances being parameteria .....

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..... facts and circumstances of the assessee's case and its other group cases are similar. Thus in view thereof and by respectfully following the consolidated order referred above, we uphold the rejection of books of account of the assessee and method of accounting of percentage completion method as followed by this Bench of ITAT in assessee's group of cases. Thus in the entirety of the facts .....

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