DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE - 5, PUNE vs. RUNWAL MULTIHOUSING PRIVATE LIMITED, PUNE

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ITA 1619/PUN/2017Status: DisposedITAT Pune23 December 2020AY 2006-076 pages

In favour of the assessee: the Revenue's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that both accounting methods are recognized. Since the assessee switched to the Project Completion method bona fide and continued with it in subsequent years, the deletion of the addition by the CIT(A) was upheld.

What were the facts?

The assessee changed its accounting method from Percentage Completion to Project Completion in a revised return, withdrawing a deduction claim. The Assessing Officer reverted to the original method and made an addition.

What were the issues?

Whether the change in accounting method from Percentage Completion to Project Completion was permissible and whether the AO was justified in reverting to the original method.

Which sections of the Income-tax Act were involved?

Section 80IB(10)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, PUNE BENCH “A”, PUNE – VIRTUAL COURT

Before: SHRI R.S. SYAL & SHRI PARTHA SARATHI CHAUDHURY

For Appellant: Shri Girish Ladda
For Respondent: Shri Sanjiv Shankar

आदेश की प्रतिलिपि अग्रेपिि/Copy of the Order is forwarded to: अपीऱधर्थी / The Appellant; 1. प्रत्यर्थी / The Respondent; 2. 3. The CIT(A)-4, Pune 4. The Pr.CIT-3, Pune 5. विभागीय प्रविविवि, आयकर अपीलीय अविकरण, पुणे “ए” / DR „A‟, ITAT, Pune गार्ड फाईल / Guard file 6. आदेशानुसार/ BY ORDER, // True Copy // Senior Private Secretary आयकर अपीलीय अविकरण ,पुणे / ITAT, Pune

Date 1. Draft dictated on 22-12-2020 Sr.PS 2. Draft placed before author 23-12-2020 Sr.PS 3. Draft proposed & placed before the JM second member 4. Draft discussed/approved by Second JM Member. 5. Approved Draft comes to the Sr.PS/PS Sr.PS 6. Kept for pronouncement on Sr.PS 7. Date of uploading order Sr.PS 8. File sent to the Bench Clerk Sr.PS 9. Date on which file goes to the Head Clerk 10. Date on which file goes to the A.R. 11. Date of dispatch of Order. *

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