What is CIT v. Bilahari Investment (P) Ltd. authority for?

The project completion method and the percentage of completion method are both recognized methods for recognizing income from real estate contracts.

How many judgments cite CIT v. Bilahari Investment (P) Ltd.?

206 judgments on BharatTax cite CIT v. Bilahari Investment (P) Ltd. (299 ITR 1), spanning 2010 to 2026.

Which sections of the Income Tax Act does CIT v. Bilahari Investment (P) Ltd. come up under?

It is most often cited in judgments turning on Section 144B, Section 145(3), Section 10(1), Section 148, Section 151A, Section 143(3).

CIT v. Bilahari Investment (P) Ltd. (299 ITR 1)

DCIT Central Circle-1, Vadodara vs. Darshnam Life Spaces Pvt Ltd, Vadodara

In the result, both the appeals of the Revenue are hereby dismissed

ITA 663/AHD/2023[2015-16]Status: DisposedITAT Ahmedabad28 Jun 2024AY 2015-16

Bench: Smt. Annapurna Gupta & Shri T.R. Senthil Kumarassessment Year : 2015-16 Deputy Commissioner Of Darshnam Life Spaces Pvt. Income Tax, Ltd., Central Circle-1, 3Rd Floor, Platinum Complex, Vs Vadodara Opp. Ganga Jamuna Hospital, Subhanpura, Vadodara-390023 [Pan No.:Aadcd2030M] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Appellant By : None Respondent By : Shri Kamlesh Makwana, Cit Dr सुनवाई क" तार"ख/Date Of Hearing: 12.06.2024 घोषणा क" तार"ख /Date Of Pronouncement: 28.06.2024 आदेश/O R D E R Per T.R. Senthil Kumar: This Appeal Is Filed By The Revenue As Against The Appellate Order Dated 14.06.2023 Passed By Commissioner Of Income Tax (Appeals) – 12, Ahmedabad Arising Out Of The Assessment Order Passed Under Section 143(3) Of The Income Tax Act, 1961 (Hereinafter Referred To As The “The Act”) Relating To The Assessment Year 2015-16. 2. The Grounds Of Appeal Raised By The Revenue Are As Follows:-

For Appellant: NoneFor Respondent: Shri Kamlesh Makwana, CIT DR

Section 143(3)Section 68

…Court in the case of Radhasoami Satsang v/s Commissioner of Income-tax reported in [1992] 60 Taxman 248 (SC). 7.7 We also find the support and guidance from the judgment of the Hon’ble Apex court in the case of CIT Vs. Bilhari Investment Pvt. Ltd. reported in 299 ITR 1 wherein it was held as under: “19. In the judgment of the Bombay High Court in Taparia Tools Ltd.'s case (supra) it has been held that in every case of substitution of one method by another method, the burden is on the Department to prove that the method in vogue is not correct and it distorts the profits of a particular year. Under the mercantile…

Sh Tech Park Developers Pvt. Ltd., Gurgaon vs. ACIT, Circle-22(2), New Delhi

In the result, grounds raised by the assessee are allowed for

ITA 2043/DEL/2023[2018-19]Status: DisposedITAT Delhi21 Jun 2024AY 2018-19

Bench: SHRI S.RIFAUR RAHMAN (Accountant Member), SHRI YOGESH KUMAR U.S. (Judicial Member)

…of POCM, even on advances since it had refunded the sums of advances on the cancellation of the bookings. (See Pg. 209/329) 16. It is reiterated that the following judgment of the Supreme Court in the case of CIT vs. Bilahari Investment Pvt. Ltd. reported in 299 ITR 1 the expenditure incurred during the year on the construction, as also not been claimed as expenditure while computing the total income. It is because of this the learned AO while computing the income has allowed proportionate expenditure from the advances received from the customers, on the basis of POCM. In other words, the learned AO has taken a…

The Shahabad Coop. Sugar Mills, Shahabad vs. ACIT, Circle, Kurukshetra

The appeal is disposed off accordingly as aforesaid

ITA 1491/CHANDI/2018[2008-09]Status: DisposedITAT Chandigarh24 May 2024AY 2008-09

Bench: Us:

For Appellant: Shri Varun Gupta, AdvocateFor Respondent: Shri Dharam Vir, JCIT, Sr. DR

Section 143(3)Section 147Section 154Section 250(6)Section 253Section 36(1)(VA)Section 36(1)(va)Section 43B

…done by recording admission as aforesaid. The issue of consistency in accounting pattern needs to be considered too in light of submissions made and evidences in support of aforesaid. The Hon’ble Supreme Court in case of CIT Vs. Bilahari Investments Pvt. Ltd. 299 ITR 1 held as follows: “ Every assesse is entitled to arrange its affairs and follow the method of accounting, which Department has earlier accepted. It is only in those cases where the Department records a finding that the method adopted by the assessee results in distortion of profits that the Department can insist on substitution of existing method” F…

Deputy Commissioner of Income-Tax, Central Circle 2(2), Pune vs. G K Wonders, Pune

Appeal is dismissed in above terms

ITA 25/PUN/2024[2020-21]Status: HeardITAT Pune24 Apr 2024AY 2020-21

Bench: Shri Rama Kanta Panda & Shri Satbeer Singh Godara

For Appellant: -None/Ex-parteFor Respondent: Shri Ramnath P. Murkunde

Section 143(3)Section 43Section 43C

…case of Prem Enterprises ITO reported in (2012) 25 3. Decision of High Court of Punjab & Haryana in the case of CIT Vs. Principal Officer, Hill view Infrastructure reported in (2016) 384 ITR 451- Follows CIT Vs. Bilahari Investment (P) Ltd. reported in (2008) 299 ITR 1 (SC) 4. Decision of ITAT-Mumbai in the case of Hardware Infrastructure P. Ltd 5. Decision of ITAT- Ahmedabad in the case of Unity constructions V/s ITO 9 ITA.No.25/PUN./2024 6. Decision of Delhi High Court in the case of Manish Buildwell Pvt. Ltd. reported in (2016) 16 com 27 (Del) 7. Decision of Ashoka Hitech Builders Pvt Ltd Vs DCIT (Indore ITAT…

ACIT, Circle- 2(2), New Delhi vs. Anthem Infrastructure Pvt. Ltd., New Delhi

Appeal is allowed

ITA 215/DEL/2020[2015-16]Status: DisposedITAT Delhi18 Apr 2024AY 2015-16

Bench: Shri G.S. Pannu, Hon’Ble & Shri Anubhav Sharmaassessment Year: 2015-16 Acit, Vs Anthem Infrastructure Pvt. Ltd., 04, 1St Floor, Jagriti Enclave, Circle-2(2), New Delhi. Vikas Marg Extn., New Delhi. Pan: Aaica7355D (Appellant) (Respondent) Assessee By : Shri Amit Goel, Ca Revenue By : Shri Kanav Bali, Sr. Dr Date Of Hearing : 27.02.2024 Date Of Pronouncement : 18.04.2024 Order Per Anubhav Sharma, Jm: This Appeal Is Preferred By The Revenue Against The Order Dated 24.10.2019 Of The Commissioner Of Income Tax (Appeals)-22, New Delhi (Hereinafter Referred As Ld. First Appellate Authority Or In Short Ld. ‘Faa’) In Appeal No.273/19-20/Cit(A)-22, New Delhi Arising Out Of The Appeal Before It Against The Order Passed U/S 143(3) Of The Income Tax Act, 1961 (Hereinafter Referred As ‘The Act’), By The Acit, Circle 2(2), Delhi (Hereinafter Referred To As The Ld. Ao). 2. Heard & Perused The Records. Ld. Ar Has Relied The Order Of Co- Ordinate Bench In The Case Of Assessee For Ay 2014-15, In Ita No. 5676/Del/2017 To Contend That The Issue Is Covered In Favour Of Assessee By The Order Dated 29/10/2021. Ld. Dr Could Not Dispute This Factual Aspect.

For Appellant: Shri Amit Goel, CAFor Respondent: Shri Kanav Bali, Sr. DR

Section 143(3)Section 144Section 145

…ade on the basis of such method of Rs.15,65,60,883/- is deleted. In this regard, reliance is placed on the following judicial pronouncements on the issue: The Hon'ble Supreme Court in the case of Commissioner of Income Tax v. Bilahari Investment P Ltd. (2008) 299 ITR 1 (Hon'ble Supreme Court) held as under :- "Recognition/identification of income under the 1961 Act is attainable by several methods of accounting. It may be noted that the same result could 4 be attained by anyone of the accounting methods. The completed contract method is one such method. Similarly, the percentage of completion method is another s…

DCIT Central Circle, Karnal vs. Reliable Realtech Pvt Ltd, Bhiwani

In the result, appeal of the Revenue is dismissed

ITA 4808/DEL/2019[2014-15]Status: DisposedITAT Delhi09 Feb 2024AY 2014-15

Bench: Shri M Balaganesh & Ms. Astha Chandraasstt. Year: 2014-15 Dcit, Central Circle, Vs. Reliable Realtech Pvt. Ltd. Ayakar Bhawan, C/O Nk Jain Adv. Sec-12, Karnal, Naya Bazar, Bhiwani Haryana Pin 132001 Haryana Pin 127021 Pan Aadcr4203L (Appellant) (Respondent)

For Appellant: Shri Gautam Jain, AdvocateFor Respondent: Shri P.N. Barnwal, CIT DR

Section 132Section 132(4)Section 143(3)Section 153A

…6. The method of accounting followed by the Assessee in the present case ie. project completion method was certainly one of the recognized methods and has been consistently followed by it. 20. In Commissioner of Income Tax v. Bilahari Investment P Ltd. (2008) 299 ITR 1 (SC) it was observed as under: "Recognition/identification of income under the 1961 Act is attainable by several methods of accounting. It may be noted that the same result could be attained by any one of the accounting methods. The completed contract method is one such method. Similarly, the percentage of completion method is another such method.…

Soham Buildcon (Partnership Firm), Ahmedabad vs. The Pr. CIT-3, Ahmedabad

In the result, appeal of the assessee is hereby allowed

ITA 105/AHD/2022[2017-18]Status: DisposedITAT Ahmedabad31 Jan 2024AY 2017-18

Bench: Shri Waseem Ahmed (Accountant Member), Ms. Madhumita Roy (Judicial Member)

For Appellant: Shri Parin Shah, A.RFor Respondent: Shri Sudhendu Das, CIT-D.R

Section 142(1)Section 143(3)Section 263

…cenario the assessee should have offered less income in subsequent year. Thus, it is a tax natural exercise. In holding so, we draw support and guidance from the judgment of Hon’ble Supreme court in the case of CIT vs. Bilahari Investment Pvt. Ltd reported in 299 ITR 1, where it was held as under: 15. Recognition/identification of income under the 1961 Act is attainable by several methods of accounting. It may be noted that the same result could be attained by any one of the accounting methods. Completed contract method is one such method. Similarly, percentage of completion method is another such method. 16. Un…

Deputy Commissioner of Income Tax, Circle-1(1), Raipur vs. S.P. Buildcon Pvt. Ltd., Raipur

ITA 38/RPR/2023[2016-17]Status: DisposedITAT Raipur28 Nov 2023AY 2016-17

Bench: Shri Ravish Sood, Jm & Shri Arun Khodpia, Am (Ita No. 35 & 38/Rpr/2023) (Assessment Year: 2014-15 & 2016-17) Deputy Commissioner Of Income Tax, V S.P. Buildcon Private Limited Circle-1(1), S Ff-06, Shyam Plaza, Pandri Bus Stand, Aayakar Bhawan, Civil Lines, Raipur Raipur Pan: Aajcs0653H (अपीलाथ" /Applicant) . (""यथ" / Respondent) . िनधा"रती क" ओर से /Assessee By : Shri Amit M. Jain, Adv. राज"व क" ओर से /Revenue By : Shri Satya Prakash Sharma, Sr. Dr सुनवाई क" तार"ख / Date Of Hearing : 05-09-2023 घोषणा क" तार"ख/Date Of Pronouncement : 28-11-2023

For Appellant: Shri Amit M. Jain, AdvFor Respondent: Shri Satya Prakash Sharma, Sr. DR

Section 143(3)Section 14ASection 2(22)(e)Section 40Section 43C

…hod of accepted accounting policy, which the Department has earlier accepted. Under similar circumstances as obtained from the facts on hand, Hon'ble Apex Court in the case of Commissioner of Income Tax Vs Bilahari Investment Private Limited reported in (2008)299 ITR 1 (SC) has held "Recognition/identification of income under the 1961 Act is attainable by several methods of accounting. It may be noted that the same result could be attained by any one of the accounting methods. The completed contract method is one such method. Similarly, the percentage completion is another such method. Under the completed contrac…

Deputy Commissioner of Income Tax, Circle-1(1), Raipur vs. S.P. Buildcon Pvt. Ltd., Raipur

ITA 35/RPR/2023[2014-15]Status: DisposedITAT Raipur28 Nov 2023AY 2014-15

Bench: Shri Ravish Sood, Jm & Shri Arun Khodpia, Am (Ita No. 35 & 38/Rpr/2023) (Assessment Year: 2014-15 & 2016-17) Deputy Commissioner Of Income Tax, V S.P. Buildcon Private Limited Circle-1(1), S Ff-06, Shyam Plaza, Pandri Bus Stand, Aayakar Bhawan, Civil Lines, Raipur Raipur Pan: Aajcs0653H (अपीलाथ" /Applicant) . (""यथ" / Respondent) . िनधा"रती क" ओर से /Assessee By : Shri Amit M. Jain, Adv. राज"व क" ओर से /Revenue By : Shri Satya Prakash Sharma, Sr. Dr सुनवाई क" तार"ख / Date Of Hearing : 05-09-2023 घोषणा क" तार"ख/Date Of Pronouncement : 28-11-2023

For Appellant: Shri Amit M. Jain, AdvFor Respondent: Shri Satya Prakash Sharma, Sr. DR

Section 143(3)Section 14ASection 2(22)(e)Section 40Section 43C

…hod of accepted accounting policy, which the Department has earlier accepted. Under similar circumstances as obtained from the facts on hand, Hon'ble Apex Court in the case of Commissioner of Income Tax Vs Bilahari Investment Private Limited reported in (2008)299 ITR 1 (SC) has held "Recognition/identification of income under the 1961 Act is attainable by several methods of accounting. It may be noted that the same result could be attained by any one of the accounting methods. The completed contract method is one such method. Similarly, the percentage completion is another such method. Under the completed contrac…

M/S. S.R. Ferro Alloys, Jhabua vs. The PCIT, Bhopal

In the result, the appeal of assessee is allowed

ITA 148/IND/2021[2015-16]Status: DisposedITAT Indore09 Nov 2023AY 2015-16

Bench: Shri Vijay Pal Rao & Shri B.M. Biyanis.R. Ferro Alloys Pr. Cit, Central 9, Siddheswar Colony Bhopal Vs. Jhabua (Appellant / Assessee) (Revenue) Pan: Abhfs7377Q Appellant By Shri Sumit Nema, Sr. Adv. & Gagan Tiwari, Ar Revenue By Shri Ashish Porwal, Sr. Dr Date Of Hearing 12.10.2023 Date Of Pronouncement 09.11.2023

Section 263

…following the project completion method. The impugned order is also silent as regards the position of the books of account. In other words the books have not been rejected, nor any defects pointed out. In the case of CIT vs. Bilahari Investment (P) Ltd (2008) 299 ITR 1 SC, the Apex Court held that the completion contract method adopted by the assessee for chit discount consistently over the years, is not required to be substituted by percentage completion method. In CIT v Manish Buildwell (P) Ltd (2011) 245 CTR 397 (Del), it was enunciated that project completion method is one of the recognized methods of account…

Milestone Dewellers Pvt. Ltd., Jaipur vs. ITO Ward 6(2), Jaipur

In the result, appeal of the assessee is allowed

ITA 565/JPR/2023[2017-18]Status: DisposedITAT Jaipur31 Oct 2023AY 2017-18

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

For Appellant: Shri Manish Agarwal (C.A.)For Respondent: Shri Arvind Kumar (CIT) a

Section 143(3)Section 144BSection 147

…anglore ITAT (ITA No. 1034 & 1056/Bang/ 2014) In this case, Hon’ble members confirmed the order passed by ld.CIT(A), who had deleted the addition on account of undervaluation stock by relying upon decision of Hon’ble SC in the case of Behari Investment (2008) 299 ITR 1 (SC) which holds that Closing Stock is correctly valued and undervaluation if any, will be tax neutral. 23 Milestone Dewellers Pvt. Ltd. vs. ITO In the circumstances it is submitted that the cost of construction declared by the assessee should be considered as correct more particularly when the same was accepted in earlier years by the departmen…

ACIT, Trichy vs. Dr.S.Kulanthaian, Pudukkottai

In the result, the appeal filed by the Revenue in ITA No

ITA 944/CHNY/2017[2013-14]Status: DisposedITAT Chennai12 Oct 2023AY 2013-14

Bench: Shri Mahavir Singhand Shri Manoj Kumar Aggarwal

For Appellant: Shri P. Sajit Kumar, IRS, JCITFor Respondent: Shri. S. Sridhar, Advocate

Section 143Section 143(3)

…the advances and receipts from chits. These monies are ploughed into the money lending business of the assessee. To this extent, it would be incorrect on the part of the AO to say that the decision of Hon'ble Supreme Court in the case of Bilahari Investments (215 CTR 201 - 2008) as inapplicable. The assessee has been in the regular business of money lending and the advances and withdrawals from chits have been utilized for money lending business. Considering the same, the AO is directed to allow the loss from chits claimed of Rs.6,21,848 for the year’’. In the interest of natural justice, we direct the assessee…

S S Group, Pune vs. Assistant Commissioner of Income Tax, Center Circle - 1(3), Pune

In the result, appeal of the assessee is partly allowed

ITA 599/PUN/2022[2015-16]Status: DisposedITAT Pune05 Oct 2023AY 2015-16

Bench: Shri Partha Sarathi Chaudhury & Dr. Dipak P. Ripotes.S. Group, 9, Siddhivinayak, Vs Acit, Central Circle-1(3), M.G. Road, Near Golibar Pune Maidan, Pune-411 001 Pan: Aaias 9707 K Appellant Respondent Assessee By : Shri Suhas Bora, Ca Revenue By : Shri Ajay Kumar Kesari, Dr Date Of Hearing : 26/09/2023 Date Of Pronouncement : 05/10/2023 O R D E R Per Partha Sarathi Chaudhury, Jm: This Appeal Preferred By The Assessee Emanates From The Order Of Commissioner Of Income Tax (Appeals)-11, Pune (For Short, „Cit(A)‟), Dated 30.05.2022 For A.Y.2015-16 As Per The Following Grounds Of Appeal:- “1. The Ld Cit(A) Erred In Confirming The Order Of The Ao Making The Additions On Completing The Assessment U/S 143(3) R.W.S.153A When No Incriminating Documents Were Found During The Course Of Search Regarding The Issue Involved In The Assessment Only On The Ground That The Present Assessment Falls In The Category Of Abated Assessment & Failed To Consider The Fact That No Any Such Document Have Been Relied On While Completing The Assessment Or Making The Additions & As Such The Assessment Completed U/S 143(3) R.W.S.153A Is Bad In Law. 2. The Ld Cit(A) Has Erred In Confirming The Action Of The Ao In Applying The Percentage Completion Method For Revenue Recognition For The Year Under Consideration On The Ground That The Appellant Firm Through Its Managing Partner Had S.S. Group

For Appellant: Shri Suhas Bora, CAFor Respondent: Shri Ajay Kumar Kesari, DR

Section 132(4)Section 143(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL PUNE „B‟ BENCHES :: PUNE BEFORE SHRI PARTHA SARATHI CHAUDHURY, JUDICIAL MEMBER & DR. DIPAK P. RIPOTE, ACCOUNTANT MEMBER S.S. Group, 9, Siddhivinayak, vs ACIT, Central Circle-1(3), M.G. Road, Near Golibar Pune Maidan, Pune-411 001 PAN: AAIAS 9707 K Appellant Respondent Assessee by : Shri Suhas Bora, CA Revenue by : Shri Ajay Kumar Kesari, DR Date of hearing : 26/09/2023 Date of pronouncement : 05/10/2023 O R D E R Per PARTHA SARATHI CHAUDHURY, JM: This appeal preferred by the assessee emanates from the order of Commissioner of Income Tax (Appeals)-11, Pune (for short, „CIT(A)‟)…

M/S Parth Developers, Dhar vs. The PCIT -1, Indorer

In the result, appeal of assessee is allowed

ITA 419/IND/2022[2015-16]Status: DisposedITAT Indore28 Aug 2023AY 2015-16

Bench: Shri Vijay Pal Rao & Shri B.M. Biyanim/S. Parth Developers Pr. Cit-1 Manawar Dist. Indore Vs. Dhar (Appellant / Assessee) (Respondent/ Revenue) Pan: Aalfp 4509 N Assessee By Shri Milind Wadhwani, Ar Revenue By Shri P.K. Mishra, Cit-Dr Date Of Hearing 22.06.2023 Date Of Pronouncement 28.07.2023

Section 142(1)Section 143Section 143(3)Section 263Section 43C

…following the project completion method. The impugned order is also silent as regards the position of the books of account. In other words the books have not been rejected, nor any defects pointed out. In the case of CIT vs. Bilahari Investment (P) Ltd (2008) 299 ITR 1 SC, the Apex Court held that the completion contract method adopted by the assessee for chit discount consistently over the years, is not required to be substituted by percentage completion method. In CIT v Manish Buildwell (P) Ltd (2011) 245 CTR 397 (Del), it was enunciated that project completion method is one of the recognized methods of account…

DCIT, Central Circle, Karnal vs. Dwarkadhis Buildwell Pvt. Ltd., Bhiwani

In the result, the appeal of the Revenue in ITA No

ITA 4807/DEL/2019[2014-15]Status: DisposedITAT Delhi16 Aug 2023AY 2014-15

Bench: Shri N.K. Billaiya & Shri Yogesh Kumar U.S

For Appellant: Shri Gautam Jain, AdvFor Respondent: Shri T. James Singson, CIT-DR

Section 143(3)Section 145(2)

…Hon'ble High Court of Delhi in the case of Para Buildtech India (P) Ltd [supra] wherein the Hon'ble High Court has held as under: 14. It would also be pertinent to refer to the decision of the Hon'ble Supreme Court in the case of Bilhari Investment Pvt Ltd 299 ITR 1 wherein the Hon'ble Supreme Court had to decide on choice of method of accounting and the Hon'ble Supreme Court held as under: “15. Recognition/identification of income under the 1961 Act is attainable by several methods of accounting. It may be noted that the same result could be attained by any one of the accounting methods. Completed contract…

DCIT Central Circle-2(4), Mumbai vs. Rustomjee Evershine Joint Venture, Mumbai

In the result, the appeals filed by the revenue for AY 2013-14 &

ITA 1825/MUM/2022[2014-15]Status: DisposedITAT Mumbai31 Jul 2023AY 2014-15

Bench: Shri Aby T. Varkey, Jm & Shri S. Rifaur Rahman, Am आयकर अपील सं/ I.T.A. No.1349/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2013-14) Dcit, Central Circle-2(4) बिधम/ Rustomjee Evershine Room No. 802, 8Th Floor, Joint Venture Vs. Prathishtha Bhavan, M. K. Global City, Narangi Road, Churchgate, Mumbai- Bypass Road, Close To 400020. Viva College, Virar (W), Virar-401303. Cross Objection No. 27/Mum/2023 Arising Out Of I.T.A. No.1349/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2013-14) Rustomjee Evershine Joint बिधम/ Dcit, Central Circle-2(4) Room No. 802, 8Th Floor, Venture Vs. Global City, Narangi Prathishtha Bhavan, M. K. Bypass Road, Close To Viva Road, Churchgate, College, Virar (W), Virar- Mumbai-400020. 401303. आयकर अपील सं/ I.T.A. Nos.1824 & 1825/Mum/2022 (निर्धारण वर्ा / Assessment Years: 2016-17 & 2014-15) Dcit, Central Circle-2(4) बिधम/ Rustomjee Evershine Room No. 802, 8Th Floor, Joint Venture Vs. Prathishtha Bhavan, M. K. Global City, Narangi Road, Churchgate, Mumbai- Bypass Road, Close To 400020. Viva College, Virar (W), Virar-401303. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaaar7687M (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Naresh Kumar Revenue By: Shri P. D. Chougule (Addl. Cit) सुनवाई की तारीख / Date Of Hearing: 25/05/2023 घोषणा की तारीख /Date Of Pronouncement: 31/07/2023

For Appellant: Shri Naresh KumarFor Respondent: Shri P. D. Chougule (Addl. CIT)

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE SHRI ABY T. VARKEY, JM AND SHRI S. RIFAUR RAHMAN, AM आयकर अपील सं/ I.T.A. No.1349/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2013-14) DCIT, Central Circle-2(4) बिधम/ Rustomjee Evershine Room No. 802, 8th Floor, Joint Venture Vs. Prathishtha Bhavan, M. K. Global City, Narangi Road, Churchgate, Mumbai- Bypass Road, Close to 400020. Viva College, Virar (W), Virar-401303. Cross Objection No. 27/Mum/2023 Arising out of I.T.A. No.1349/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2013-14) Rustomjee Evershine Joint बिधम/ DCIT, Central Circle-2(4) Room No. 802, 8…

DCIT Central Circle-2(4), Mumbai vs. Rustomjee Evershine Joint Venture, Mumbai

In the result, the appeals filed by the revenue for AY 2013-14 &

ITA 1824/MUM/2022[2016-17]Status: DisposedITAT Mumbai31 Jul 2023AY 2016-17

Bench: Shri Aby T. Varkey, Jm & Shri S. Rifaur Rahman, Am आयकर अपील सं/ I.T.A. No.1349/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2013-14) Dcit, Central Circle-2(4) बिधम/ Rustomjee Evershine Room No. 802, 8Th Floor, Joint Venture Vs. Prathishtha Bhavan, M. K. Global City, Narangi Road, Churchgate, Mumbai- Bypass Road, Close To 400020. Viva College, Virar (W), Virar-401303. Cross Objection No. 27/Mum/2023 Arising Out Of I.T.A. No.1349/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2013-14) Rustomjee Evershine Joint बिधम/ Dcit, Central Circle-2(4) Room No. 802, 8Th Floor, Venture Vs. Global City, Narangi Prathishtha Bhavan, M. K. Bypass Road, Close To Viva Road, Churchgate, College, Virar (W), Virar- Mumbai-400020. 401303. आयकर अपील सं/ I.T.A. Nos.1824 & 1825/Mum/2022 (निर्धारण वर्ा / Assessment Years: 2016-17 & 2014-15) Dcit, Central Circle-2(4) बिधम/ Rustomjee Evershine Room No. 802, 8Th Floor, Joint Venture Vs. Prathishtha Bhavan, M. K. Global City, Narangi Road, Churchgate, Mumbai- Bypass Road, Close To 400020. Viva College, Virar (W), Virar-401303. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaaar7687M (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Naresh Kumar Revenue By: Shri P. D. Chougule (Addl. Cit) सुनवाई की तारीख / Date Of Hearing: 25/05/2023 घोषणा की तारीख /Date Of Pronouncement: 31/07/2023

For Appellant: Shri Naresh KumarFor Respondent: Shri P. D. Chougule (Addl. CIT)

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE SHRI ABY T. VARKEY, JM AND SHRI S. RIFAUR RAHMAN, AM आयकर अपील सं/ I.T.A. No.1349/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2013-14) DCIT, Central Circle-2(4) बिधम/ Rustomjee Evershine Room No. 802, 8th Floor, Joint Venture Vs. Prathishtha Bhavan, M. K. Global City, Narangi Road, Churchgate, Mumbai- Bypass Road, Close to 400020. Viva College, Virar (W), Virar-401303. Cross Objection No. 27/Mum/2023 Arising out of I.T.A. No.1349/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2013-14) Rustomjee Evershine Joint बिधम/ DCIT, Central Circle-2(4) Room No. 802, 8…

DCIT Central Circel-2(4), Mumbai vs. Rustomji Evershine Joint Venture, Mumbai

In the result, the appeals filed by the revenue for AY 2013-14 &

ITA 1349/MUM/2022[2013-2014]Status: DisposedITAT Mumbai31 Jul 2023AY 2013-2014

Bench: Shri Aby T. Varkey, Jm & Shri S. Rifaur Rahman, Am आयकर अपील सं/ I.T.A. No.1349/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2013-14) Dcit, Central Circle-2(4) बिधम/ Rustomjee Evershine Room No. 802, 8Th Floor, Joint Venture Vs. Prathishtha Bhavan, M. K. Global City, Narangi Road, Churchgate, Mumbai- Bypass Road, Close To 400020. Viva College, Virar (W), Virar-401303. Cross Objection No. 27/Mum/2023 Arising Out Of I.T.A. No.1349/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2013-14) Rustomjee Evershine Joint बिधम/ Dcit, Central Circle-2(4) Room No. 802, 8Th Floor, Venture Vs. Global City, Narangi Prathishtha Bhavan, M. K. Bypass Road, Close To Viva Road, Churchgate, College, Virar (W), Virar- Mumbai-400020. 401303. आयकर अपील सं/ I.T.A. Nos.1824 & 1825/Mum/2022 (निर्धारण वर्ा / Assessment Years: 2016-17 & 2014-15) Dcit, Central Circle-2(4) बिधम/ Rustomjee Evershine Room No. 802, 8Th Floor, Joint Venture Vs. Prathishtha Bhavan, M. K. Global City, Narangi Road, Churchgate, Mumbai- Bypass Road, Close To 400020. Viva College, Virar (W), Virar-401303. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaaar7687M (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Naresh Kumar Revenue By: Shri P. D. Chougule (Addl. Cit) सुनवाई की तारीख / Date Of Hearing: 25/05/2023 घोषणा की तारीख /Date Of Pronouncement: 31/07/2023

For Appellant: Shri Naresh KumarFor Respondent: Shri P. D. Chougule (Addl. CIT)

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE SHRI ABY T. VARKEY, JM AND SHRI S. RIFAUR RAHMAN, AM आयकर अपील सं/ I.T.A. No.1349/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2013-14) DCIT, Central Circle-2(4) बिधम/ Rustomjee Evershine Room No. 802, 8th Floor, Joint Venture Vs. Prathishtha Bhavan, M. K. Global City, Narangi Road, Churchgate, Mumbai- Bypass Road, Close to 400020. Viva College, Virar (W), Virar-401303. Cross Objection No. 27/Mum/2023 Arising out of I.T.A. No.1349/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2013-14) Rustomjee Evershine Joint बिधम/ DCIT, Central Circle-2(4) Room No. 802, 8…

ACIT, Circle- 4(1), Gurgaon vs. Lemon Tree Land and Developers Pvt. Ltd., New Delhi

In the result, the appeal of the assessee is partly allowed

ITA 3749/DEL/2018[2014-15]Status: DisposedITAT Delhi12 May 2023AY 2014-15

Bench: Shri N.K. Billaiya & Ms. Astha Chandra

For Appellant: Shri Percy Pardiwala, Sr.AdvFor Respondent: Shri H.K. Choudhary, CIT- DR

Section 3Section 36Section 37Section 37(1)Section 40A(2)

…zed by several methods of accounting as long as the same result is obtained by any one of the Accounting methods. For this proposition, we derive strong support from the ratio laid down by the Hon'ble Supreme Court in the case of Bilahari investment Pvt Ltd 299 ITR 1. 36. Most commonly used methods of accounting are: i) Percentage of Completion Method [POCM], and ii) POCM which tries to attain periodic recognition of income in order to reflect current performances 37. The amount of revenue recognized under this method is determined by reference to the stage of completion of the contract. The stage of complet…

Lemon Tree Land and Developers Pvt. Ltd., New Delhi vs. DCIT, Circle- 2, Gurgaon

In the result, the appeal of the assessee is partly allowed

ITA 3087/DEL/2018[2014-15]Status: DisposedITAT Delhi12 May 2023AY 2014-15

Bench: Shri N.K. Billaiya & Ms. Astha Chandra

For Appellant: Shri Percy Pardiwala, Sr.AdvFor Respondent: Shri H.K. Choudhary, CIT- DR

Section 3Section 36Section 37Section 37(1)Section 40A(2)

…zed by several methods of accounting as long as the same result is obtained by any one of the Accounting methods. For this proposition, we derive strong support from the ratio laid down by the Hon'ble Supreme Court in the case of Bilahari investment Pvt Ltd 299 ITR 1. 36. Most commonly used methods of accounting are: i) Percentage of Completion Method [POCM], and ii) POCM which tries to attain periodic recognition of income in order to reflect current performances 37. The amount of revenue recognized under this method is determined by reference to the stage of completion of the contract. The stage of complet…

CIT v. Bilahari Investment (P) Ltd.

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Judgments citing CIT v. Bilahari Investment (P) Ltd.

DCIT Central Circle-1, Vadodara vs. Darshnam Life Spaces Pvt Ltd, Vadodara

Sh Tech Park Developers Pvt. Ltd., Gurgaon vs. ACIT, Circle-22(2), New Delhi

The Shahabad Coop. Sugar Mills, Shahabad vs. ACIT, Circle, Kurukshetra

Deputy Commissioner of Income-Tax, Central Circle 2(2), Pune vs. G K Wonders, Pune

ACIT, Circle- 2(2), New Delhi vs. Anthem Infrastructure Pvt. Ltd., New Delhi

DCIT Central Circle, Karnal vs. Reliable Realtech Pvt Ltd, Bhiwani

Soham Buildcon (Partnership Firm), Ahmedabad vs. The Pr. CIT-3, Ahmedabad

Deputy Commissioner of Income Tax, Circle-1(1), Raipur vs. S.P. Buildcon Pvt. Ltd., Raipur

Deputy Commissioner of Income Tax, Circle-1(1), Raipur vs. S.P. Buildcon Pvt. Ltd., Raipur

M/S. S.R. Ferro Alloys, Jhabua vs. The PCIT, Bhopal

Milestone Dewellers Pvt. Ltd., Jaipur vs. ITO Ward 6(2), Jaipur

ACIT, Trichy vs. Dr.S.Kulanthaian, Pudukkottai

S S Group, Pune vs. Assistant Commissioner of Income Tax, Center Circle - 1(3), Pune

M/S Parth Developers, Dhar vs. The PCIT -1, Indorer

DCIT, Central Circle, Karnal vs. Dwarkadhis Buildwell Pvt. Ltd., Bhiwani

DCIT Central Circle-2(4), Mumbai vs. Rustomjee Evershine Joint Venture, Mumbai

DCIT Central Circle-2(4), Mumbai vs. Rustomjee Evershine Joint Venture, Mumbai

DCIT Central Circel-2(4), Mumbai vs. Rustomji Evershine Joint Venture, Mumbai

ACIT, Circle- 4(1), Gurgaon vs. Lemon Tree Land and Developers Pvt. Ltd., New Delhi

Lemon Tree Land and Developers Pvt. Ltd., New Delhi vs. DCIT, Circle- 2, Gurgaon