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TMI Blog2002 (3) TMI 204X X X X Extracts X X X X X X X X Extracts X X X X ..... .C. Chadaga, the learned Departmental Representative. The facts leading to the demand are as under: In this case, the assessee a developer and builder of residential apartments is in this line of business for over two decades. It has executed many projects. It has consistently offering income on completed contract method and the Department made no attempt to raise an assessment on the basis of ann ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntly followed year to year and accepted by the Department in the past. The CIT(A) has confirmed the assessment order. Eventually the tax demand was raised for the first time in a sum of Rs.73,81,934 due to change in the method of accounting. 3. The learned counsel for assessee submitted that the assessment is totally against the provisions of the IT Act, 1961, and cannot be upheld. He also p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... income based on the project completion method in which the entire work-in-progress till asst. yr. 1997-98 is included and on which he has paid income-tax over Rs.25 lakhs. This amounts to double taxation of the same income. He, therefore, urged that it is a fit case for stay of demand as all the factors leading to stay of demand are in favour of the assessee. Shri P.C. Chadaga, learned Departm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ne anything on the taxability or otherwise of the total income. Suffice it to say that it will be in the interest of justice to stay the demand for the time being. The assessee has made a prima facie case before us. He has also demonstrated that the financial condition is not conducive to pay such a huge demand. At the same time, he has offered the security of unsold flats amounting to Rs.40 lakhs ..... X X X X Extracts X X X X X X X X Extracts X X X X
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