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“percentage completion method”

ICDS & AccountingICDS IIIICDS III467 judgments

ACIT, MUMBAI vs. BAU DEVELOPERS PRIVATE LIMITED, MUMBAI

ITA 6014/MUM/2025[2018-19]Status: DisposedITAT Mumbai24 Feb 2026AY 2018-19

Bench: SHRI OM PRAKASH KANT, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

For Appellant: Shri Fenil BhattFor Respondent: Shri Solgy Jose T. Kottaram
Section 142(1)Section 143(3)Section 144Section 263

agreements for sale that were executed prior to the relevant financial year, thus requiring revenue recognition in A.Y. 2018-19 under the Percentage Completion Method. c) Whether, on the facts and in the circumstances of the case and in law, the Ld. CITIA) failed to appreciate that the Part Occupancy ... revenue in respect of the sale of flats in the project as per the guidance notes issued by the ICAI which prescribes using percentage completion method for recognition of revenue in real estate projects. Further, as per the guidance notes issued by the ICAI the revenue has to be recognized

ACIT, CC 6(2), MUMBAI, MUMBAI vs. OVERSEAS INFRASTRUCTURE ALLIANCE (INDIA) PRIVATE LIMITED, MUMBAI

In the result, appeal by the assessee is allowed

ITA 4321/MUM/2025[2016-17]Status: DisposedITAT Mumbai20 Feb 2026AY 2016-17

Bench: Shri Sandeep Gosain & Shri Girish Agrawal

For Appellant: Shri Harsh Kothari and Shri Ronak Vasavada, CAsFor Respondent: Shri R. A. Dhyani, CIT DR and Shri Virabhadra S. Mahajan, Sr. DR
Section 1

Assessee had entered into three contracts during the year under consideration namely; Tendaho Sugar Factory, Cosmoros and Chalinze. To recognize revenue, it follows percentage completion method when a certain percentage of work is completed and to provide for expenses as and when a liability to the work done arises ... granting relief on the provision for expenses as tabulated above. In this regard, it is observed that assessee had offered its revenue following percentage completion method and created provision for expenses in compliance with accounting standard AS-29. The provisions so created are subsequently reversed. Ld. CIT(A) concluded that

ACIT, CC 6(2), MUMBAI, MUMBAI vs. OVERSEAS INFRASTRUCTURE ALLIANCE (INDIA) PRIVATE LIMITED, MUMBAI

In the result, appeal by the assessee is allowed

ITA 4320/MUM/2025[2020-21]Status: DisposedITAT Mumbai20 Feb 2026AY 2020-21

Bench: Shri Sandeep Gosain & Shri Girish Agrawal

For Appellant: Shri Harsh Kothari and Shri Ronak Vasavada, CAsFor Respondent: Shri R. A. Dhyani, CIT DR and Shri Virabhadra S. Mahajan, Sr. DR
Section 1

Assessee had entered into three contracts during the year under consideration namely; Tendaho Sugar Factory, Cosmoros and Chalinze. To recognize revenue, it follows percentage completion method when a certain percentage of work is completed and to provide for expenses as and when a liability to the work done arises ... granting relief on the provision for expenses as tabulated above. In this regard, it is observed that assessee had offered its revenue following percentage completion method and created provision for expenses in compliance with accounting standard AS-29. The provisions so created are subsequently reversed. Ld. CIT(A) concluded that

ACIT, CC 6(2), MUMBAI, MUMBAI vs. OVERSEAS INFRASTRUCTURE ALLIANCE (INDIA) PRIVATE LIMITED, MUMBAI

In the result, appeal by the assessee is allowed

ITA 4319/MUM/2025[2019-20]Status: DisposedITAT Mumbai20 Feb 2026AY 2019-20

Bench: Shri Sandeep Gosain & Shri Girish Agrawal

For Appellant: Shri Harsh Kothari and Shri Ronak Vasavada, CAsFor Respondent: Shri R. A. Dhyani, CIT DR and Shri Virabhadra S. Mahajan, Sr. DR
Section 1

Assessee had entered into three contracts during the year under consideration namely; Tendaho Sugar Factory, Cosmoros and Chalinze. To recognize revenue, it follows percentage completion method when a certain percentage of work is completed and to provide for expenses as and when a liability to the work done arises ... granting relief on the provision for expenses as tabulated above. In this regard, it is observed that assessee had offered its revenue following percentage completion method and created provision for expenses in compliance with accounting standard AS-29. The provisions so created are subsequently reversed. Ld. CIT(A) concluded that

ACIT, CC-6(2), MUMBAI, MUMBAI vs. OVERSEAS INFRASTRUCTURE ALLIANCE (INDIA) PRIVATE LIMITED, MUMBAI

In the result, appeal by the assessee is allowed

ITA 4318/MUM/2025[2022-23]Status: DisposedITAT Mumbai20 Feb 2026AY 2022-23

Bench: Shri Sandeep Gosain & Shri Girish Agrawal

For Appellant: Shri Harsh Kothari and Shri Ronak Vasavada, CAsFor Respondent: Shri R. A. Dhyani, CIT DR and Shri Virabhadra S. Mahajan, Sr. DR
Section 1

Assessee had entered into three contracts during the year under consideration namely; Tendaho Sugar Factory, Cosmoros and Chalinze. To recognize revenue, it follows percentage completion method when a certain percentage of work is completed and to provide for expenses as and when a liability to the work done arises ... granting relief on the provision for expenses as tabulated above. In this regard, it is observed that assessee had offered its revenue following percentage completion method and created provision for expenses in compliance with accounting standard AS-29. The provisions so created are subsequently reversed. Ld. CIT(A) concluded that

ACIT, CC 6(2), MUMBAI, MUMBAI vs. OVERSEAS INFRASTRUCTURE ALLIANCE (INDIA) PRIVATE LIMITED, MUMBAI

ITA 4090/MUM/2025[2016-17]Status: DisposedITAT Mumbai20 Feb 2026AY 2016-17

Assessee\nhas followed scientific basis of recognising its revenue and creating\nprovisions for its expenses under the mercantile system of accounting\nby applying percentage completion method for its EPC projects. In\nrespect of provisions created for audit fees and property tax, these are\nexpenses for which genuineness is not doubted

OVERSEAS INFRASTRUCTURE ALLIANCE(INDIA) PRIVATE LIMITED ,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE 6(2), MUMBAI

ITA 4064/MUM/2025[2022-23]Status: DisposedITAT Mumbai20 Feb 2026AY 2022-23

Assessee\nhas followed scientific basis of recognising its revenue and creating\nprovisions for its expenses under the mercantile system of accounting\nby applying percentage completion method for its EPC projects. In\nrespect of provisions created for audit fees and property tax, these are\nexpenses for which genuineness is not doubted

OVERSEAS INFRASTRUCTURE ALLIANCE(INDIA) PRIVATE LIMITED,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE -6 , MUMBAI

In the result, appeal by the assessee is allowed

ITA 4045/MUM/2025[2020-21]Status: DisposedITAT Mumbai20 Feb 2026AY 2020-21

Bench: Shri Sandeep Gosain & Shri Girish Agrawal

For Appellant: Shri Harsh Kothari and Shri Ronak Vasavada, CAsFor Respondent: Shri R. A. Dhyani, CIT DR and Shri Virabhadra S. Mahajan, Sr. DR
Section 1

Assessee had entered into three contracts during the year under consideration namely; Tendaho Sugar Factory, Cosmoros and Chalinze. To recognize revenue, it follows percentage completion method when a certain percentage of work is completed and to provide for expenses as and when a liability to the work done arises ... granting relief on the provision for expenses as tabulated above. In this regard, it is observed that assessee had offered its revenue following percentage completion method and created provision for expenses in compliance with accounting standard AS-29. The provisions so created are subsequently reversed. Ld. CIT(A) concluded that

OVERSEAS INFRASTRUCTURE ALLIANCE (INDIA) PRIVATE LIMTIED ,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE 6(2), MUMBAI

In the result, appeal by the assessee is allowed

ITA 4044/MUM/2025[2021-22]Status: DisposedITAT Mumbai20 Feb 2026AY 2021-22

Bench: Shri Sandeep Gosain & Shri Girish Agrawal

For Appellant: Shri Harsh Kothari and Shri Ronak Vasavada, CAsFor Respondent: Shri R. A. Dhyani, CIT DR and Shri Virabhadra S. Mahajan, Sr. DR
Section 1

Assessee had entered into three contracts during the year under consideration namely; Tendaho Sugar Factory, Cosmoros and Chalinze. To recognize revenue, it follows percentage completion method when a certain percentage of work is completed and to provide for expenses as and when a liability to the work done arises ... granting relief on the provision for expenses as tabulated above. In this regard, it is observed that assessee had offered its revenue following percentage completion method and created provision for expenses in compliance with accounting standard AS-29. The provisions so created are subsequently reversed. Ld. CIT(A) concluded that

OVERSEAS INFRASTRUCTURE ALLIANCE (INDIA) PRIVATE LIMTIED ,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE 6(2), MUMBAI

In the result, appeal by the assessee is allowed

ITA 4043/MUM/2025[2019-20]Status: DisposedITAT Mumbai20 Feb 2026AY 2019-20

Bench: Shri Sandeep Gosain & Shri Girish Agrawal

For Appellant: Shri Harsh Kothari and Shri Ronak Vasavada, CAsFor Respondent: Shri R. A. Dhyani, CIT DR and Shri Virabhadra S. Mahajan, Sr. DR
Section 1

Assessee had entered into three contracts during the year under consideration namely; Tendaho Sugar Factory, Cosmoros and Chalinze. To recognize revenue, it follows percentage completion method when a certain percentage of work is completed and to provide for expenses as and when a liability to the work done arises ... granting relief on the provision for expenses as tabulated above. In this regard, it is observed that assessee had offered its revenue following percentage completion method and created provision for expenses in compliance with accounting standard AS-29. The provisions so created are subsequently reversed. Ld. CIT(A) concluded that

ACIT CC 6(2), MUMBAI, MUMBAI vs. OVERSEAS INFRASTRUCTURE ALLIANCE (INDIA) PRIVATE LIMITED, MUMBAI

In the result, appeal by the assessee is allowed

ITA 3998/MUM/2025[2017-18]Status: DisposedITAT Mumbai20 Feb 2026AY 2017-18

Bench: Shri Sandeep Gosain & Shri Girish Agrawal

For Appellant: Shri Harsh Kothari and Shri Ronak Vasavada, CAsFor Respondent: Shri R. A. Dhyani, CIT DR and Shri Virabhadra S. Mahajan, Sr. DR
Section 1

Assessee had entered into three contracts during the year under consideration namely; Tendaho Sugar Factory, Cosmoros and Chalinze. To recognize revenue, it follows percentage completion method when a certain percentage of work is completed and to provide for expenses as and when a liability to the work done arises ... granting relief on the provision for expenses as tabulated above. In this regard, it is observed that assessee had offered its revenue following percentage completion method and created provision for expenses in compliance with accounting standard AS-29. The provisions so created are subsequently reversed. Ld. CIT(A) concluded that

ACIT, CC-6(2), MUMBAI, MUMBAI vs. OVERSEAS INFRASTRUCTURE ALLIANCE (INDIA) PRIVATE LIMITED, MUMBAI

In the result, appeal by the assessee is allowed

ITA 3995/MUM/2025[2011-12]Status: DisposedITAT Mumbai20 Feb 2026AY 2011-12

Bench: Shri Sandeep Gosain & Shri Girish Agrawal

For Appellant: Shri Harsh Kothari and Shri Ronak Vasavada, CAsFor Respondent: Shri R. A. Dhyani, CIT DR and Shri Virabhadra S. Mahajan, Sr. DR
Section 1

Assessee had entered into three contracts during the year under consideration namely; Tendaho Sugar Factory, Cosmoros and Chalinze. To recognize revenue, it follows percentage completion method when a certain percentage of work is completed and to provide for expenses as and when a liability to the work done arises ... granting relief on the provision for expenses as tabulated above. In this regard, it is observed that assessee had offered its revenue following percentage completion method and created provision for expenses in compliance with accounting standard AS-29. The provisions so created are subsequently reversed. Ld. CIT(A) concluded that

TOUGHCONS REALTORS PRIVATE LIMITED,MUMBAI vs. ACIT (CENTRAL CIRCLE 4(4)), MUMBAI

In the result, appeals of the assessee in ITA Nos

ITA 7643/MUM/2025[2018-19]Status: DisposedITAT Mumbai09 Feb 2026AY 2018-19

Bench: Shri Amit Shukla & Shri Girish Agrawal

For Appellant: Shri Sukhen Kundu, CAFor Respondent: Shri Hemanshu Joshi, Sr. DR
Section 143(3)

lower profit margins compared to fresh development projects due to additional complexities and costs involved. GROUND 4: TIMING OF INCOME RECOGNITION ERROR 4.1 Percentage Completion Method Not Considered The learned CIT(A) erred in not accepting the appellant's consistent accounting practice of following percentage completion method for revenue recognition ... only when it accrues, and not when it is merely received as advance against future obligations 4.3 Income should be computed based on percentage completion method as consistently followed by the appellant. Ground 5. The Appellant craves leave to add, alter, vary, omit, substitute or amend the above grounds

TOUGHCONS REALTORS PRIVATE LIMITED,MUMBAI vs. ACIT (CENTRAL CIRCLE 4(4)), MUMBAI, MUMBAI

In the result, appeals of the assessee in ITA Nos

ITA 7642/MUM/2025[2017-18]Status: DisposedITAT Mumbai09 Feb 2026AY 2017-18

Bench: Shri Amit Shukla & Shri Girish Agrawal

For Appellant: Shri Sukhen Kundu, CAFor Respondent: Shri Hemanshu Joshi, Sr. DR
Section 143(3)

lower profit margins compared to fresh development projects due to additional complexities and costs involved. GROUND 4: TIMING OF INCOME RECOGNITION ERROR 4.1 Percentage Completion Method Not Considered The learned CIT(A) erred in not accepting the appellant's consistent accounting practice of following percentage completion method for revenue recognition ... only when it accrues, and not when it is merely received as advance against future obligations 4.3 Income should be computed based on percentage completion method as consistently followed by the appellant. Ground 5. The Appellant craves leave to add, alter, vary, omit, substitute or amend the above grounds

TOUGHCONS REALTORS PRIVATE LIMITED,MUMBAI vs. ACIT (CENTRAL CIRCLE 4(4)), MUMBAI

In the result, appeals of the assessee in ITA Nos

ITA 7641/MUM/2025[2016-17]Status: DisposedITAT Mumbai09 Feb 2026AY 2016-17

Bench: Shri Amit Shukla & Shri Girish Agrawal

For Appellant: Shri Sukhen Kundu, CAFor Respondent: Shri Hemanshu Joshi, Sr. DR
Section 143(3)

lower profit margins compared to fresh development projects due to additional complexities and costs involved. GROUND 4: TIMING OF INCOME RECOGNITION ERROR 4.1 Percentage Completion Method Not Considered The learned CIT(A) erred in not accepting the appellant's consistent accounting practice of following percentage completion method for revenue recognition ... only when it accrues, and not when it is merely received as advance against future obligations 4.3 Income should be computed based on percentage completion method as consistently followed by the appellant. Ground 5. The Appellant craves leave to add, alter, vary, omit, substitute or amend the above grounds

DCIT, CIRCLE 4(2), NEW DELHI vs. M/S CYBERWALK TECH PARK PVT LTD, NEW DELHI

In the result, grounds raised by the revenue are dismissed

ITA 448/DEL/2025[2012-13]Status: DisposedITAT Delhi06 Feb 2026AY 2012-13

Bench: Shri S. Rifaur Rahman & Shri Anubhav Sharmadcit, Circle 4 (2), Vs. Cyberwalk Tech Park Pvt. Ltd., Select City Walk 6Th Floor, Delhi. A-3, District Centre Saket New Delhi – 110 017. (Pan : Aadcs8089F) (Appellant) (Respondent) Assessee By : Sh. R.S. Ahuja, Ca & Sh. P.S. Sodhi, Adv Revenue By : Sh. Rajesh Kumar Dhanesta, Sr. Dr Date Of Hearing : 13.11.2025 Date Of Order : 06.02.2026 O R D E R

For Appellant: Sh. R.S. Ahuja, CA &For Respondent: Sh. Rajesh Kumar Dhanesta, Sr. DR
Section 45(2)

adjustable against the profit. 4. Further, Assessing Officer observed that the assessee sold during the year under consideration, part of the area on percentage completion method by assuming 90.6% completion in Tower E and about 93.3% completion in Tower D. The assessee sold 1,20,000 sq. ft. area ... Tower E and 39037 sq. ft. area in Tower D for a consideration of Rs.42,17,66,600/- and with 3 applying percentage completion method of 90.6% and 93.3% respectively in the Profit and Loss account was shown as Rs.38,41,19,450/-. 5. The Assessing Officer invoked the provisions

M/S. KHEMKA STUART LEISURE LTD.,,NEW DELHI vs. ACIT, NEW DELHI

The appeal is dismissed

ITA 2360/DEL/2015[2005-06]Status: DisposedITAT Delhi05 Feb 2026AY 2005-06

Bench: Sh. Satbeer Singh Godara & Sh. Naveen Chandraita No. 2360/Del/2015 : Asstt. Year: 2005-06 M/S Khemka Stuart Leisure Ltd., Vs Acit, B-8, Basement Floor, Ansal Tower, Central Circle-18, 38, Nehru Place, New Delhi-110019 New Delhi (Appellant) (Respondent) Pan No. Aaack4630P Assessee By : Sh. Rajeshwar Painuly, Adv. Revenue By : Ms. Monika Singh, Cit-Dr Date Of Hearing: 05.02.2026 Date Of Pronouncement: 05.02.2026 Order Per Satbeer Singh Godara: This Assessee’S Appeal For Assessment Year 2005-06 Arises Against The Cit(A)-Xxvii, New Delhi’S Dated 27.11.2014, In Case No. 407/13-14/Cit(A)-Xxvii/2014-15, In Proceedings U/S 143(3)/147 Of The Income Tax Act, 1961 (In Short “The Act”).

For Appellant: Sh. Rajeshwar Painuly, AdvFor Respondent: Ms. Monika Singh, CIT-DR
Section 132Section 139(1)Section 143(2)Section 143(3)Section 148

that the assessee has regularly adopted the "CCM’ and the last assessment was done on the "CCM" Method. Even if we adopted the Percentage completion method "PCM" the minimum thresh hold limit for minimum completion of project is 25% as per theAS-9 whereas the assessee had completed

KOMAL ENTERPRISES,DOMBIVALI vs. ITO, WARD 3(3), KALYAN, KALYAN

In the result, the appeal of the assessee bearing ITA Nos

ITA 4421/MUM/2025[2012-13]Status: DisposedITAT Mumbai30 Jan 2026AY 2012-13

Bench: Shri Anikesh Banerjee & Shri Makarand Vasant Mahadeokarita No.4421/Mum/2025 (Assessment Year: 2012-13)

For Appellant: Shri Subodh RatnaparkhiFor Respondent: Shri Hemanshu Joshi (CIT DR)
Section 143(2)Section 143(3)Section 147Section 148Section 250Section 80Section 801B(10)Section 80I

construction profit & loss account assessee has shown WIP at Rs. 14,63,70,000/-. It is seen that the assessee firm is following Percentage Completion method and during the year under consideration firm has declared profit Rs 3,48,42,934/- before interest & remuneration to the partner and claimed deduction

KOMAL ENTERPRISES,DOMBIVALI vs. ITO, WARD 3(3), KALYAN, KALYAN

In the result, the appeal of the assessee bearing ITA Nos

ITA 4420/MUM/2025[2011-12]Status: DisposedITAT Mumbai30 Jan 2026AY 2011-12

Bench: Shri Anikesh Banerjee & Shri Makarand Vasant Mahadeokarita No.4421/Mum/2025 (Assessment Year: 2012-13)

For Appellant: Shri Subodh RatnaparkhiFor Respondent: Shri Hemanshu Joshi (CIT DR)
Section 143(2)Section 143(3)Section 147Section 148Section 250Section 80Section 801B(10)Section 80I

construction profit & loss account assessee has shown WIP at Rs. 14,63,70,000/-. It is seen that the assessee firm is following Percentage Completion method and during the year under consideration firm has declared profit Rs 3,48,42,934/- before interest & remuneration to the partner and claimed deduction

ANAND ASSOCIATES,SILVASSA vs. ITO, WARD SILVASSA, SILVASSA

In the result, the appeal of the assessee is allowed

ITA 973/SRT/2025[2015-16]Status: DisposedITAT Surat29 Jan 2026AY 2015-16

Bench: Ms. Suchitra Kambleassessment Year 2015-16

For Appellant: Shri Chetan Khakhar, A.RFor Respondent: Ms. Jayshree Thakur, Sr. D.R
Section 142(1)Section 143(1)Section 143(2)

facts of the case in upholding the addition of Rs. 19,15,358/- made by the AO rejecting the income offered under percentage completion method as per AS 9 by your appellant. 2. The Ld CIT(A) has erred in upholding the observation of the AO who rejected the income ... your appellant computed by percentage completion method. I.T.A No. 973/Ahd/2025 Anand Associates, A.Y. 2015-16 Your appellant prays to add, alter or delete any grounds of appeal either during or before the appeal hearing. Tax effect (Rs.) 8,99,400” 3. The assessee filed return of income for assessment year

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