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“percentage completion method”

ICDS & AccountingICDS IIIICDS III467 judgments

The decision most relied on for percentage completion method is CIT v. Bilahari Investment (P) Ltd. (299 ITR 1), cited in 206 judgments on BharatTax.

Leading authorities on percentage completion method

CIT v. Bilahari Investment (P) Ltd.
299 ITR 1 · 2008 · Supreme Court
206
citing judgments

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

CIT v. Hyundai Heavy Industries Co. Ltd.
291 ITR 482 · 2007 · Supreme Court
166
citing judgments

The Supreme Court held that the 'project completion method' and the 'percentage of completion method' are recognized accounting methods for ascertaining profit for contracts. The case affirms these methods in the context of contract accounts.

CIT v. ARUN EXCELLO FOUNDATIONS (P) LTD.
212 Taxmann 342 · 2013 · High Court
35
citing judgments

Accounting Standard 7 is not applicable to real estate developers, and therefore, the percentage of completion method cannot be imposed on them. Assessees are justified in following the project completion method as per Accounting Standard 9.

Prestige Estate Projects (P) Ltd. v. DCIT
33 DTR 514 · 2010 · ITAT
28
citing judgments

A real estate developer adopting the completed contract method of accounting cannot be forced to follow the percentage completion method under AS-7 if AS-7 has not been specified by the Central Government under section 145(2). The Assessing Officer cannot reject accounts under section 145(3) solely on this ground.

CIT v. Associated Cables P. Ltd.
286 ITR 596 · 2006 · High Court
25
citing judgments

Retention money withheld by a contractee is not taxable in the year it is retained, but only in the year the obligations under the contract are fulfilled and the amount becomes due to the assessee.

Mazagaon Dock Limited v. JCIT
29 SOT 356 · 2009 · ITAT
25
citing judgments

Anticipated or foreseeable losses on fixed-price construction contracts are deductible in the year the loss is foreseen, aligning with accounting standards like AS-7. This approach is supported by decisions allowing deduction of foreseeable losses based on technical estimation.

Wall Construction Co Ltd. v. JCIT
102 TTJ 505 · 2006 · ITAT
21
citing judgments

Interest expenditure on borrowed funds used for stock-in-trade is allowable as a deduction in the year the revenue is offered to tax, even when following the percentage completion method for recognizing revenue.

CIT v. Aditya Builders
378 ITR 75 · 2015 · High Court
21
citing judgments

The appropriate method of accounting to correctly reflect a true financial statement is a matter of opinion and debate, which is not amenable to revisional jurisdiction under Section 263 of the Act. The Assessing Officer cannot change the method of revenue recognition to the percentage completion method if the assessee has consistently followed the project completion method.

Judgments citing percentage completion method

Shri. Irulandi Thevar Vetrivel, Madurai vs. ACIT, Central, Circle 2, Madurai

ITA 237/CHNY/2024[2018-19]Status: DisposedITAT Chennai01 Oct 2024AY 2018-19

Bench: Shri Aby T. Varkey & Shri Amitabh Shuklaआयकर अपील सं./Ita Nos. 131 To 136/Chny/2024 निर्धारण वर्ष/Assessment Years: 2016-17 To 2021-22 The Acit, Central Circle-2, Madurai. (अपीलार्थी/Appellant) V. Shri Irulandi Thevar Vetrivel, No.3/1, Ashok Nagar, 4Th Street, Palamedu Main Road, Madurai - 625 018. [Pan: Acopv 5310 J] (प्रत्यर्थी/Respondent) आयकर अपील सं./Ita Nos. 235 To 240/Chny/2024 निर्धारण वर्ष/Assessment Years: 2016-17 To 2021-22 Shri Irulandi Thevar Vetrivel, No.3/1, Ashok Nagar, 4Th Street, Palamedu Main Road, Madurai - 625 018. [Pan: Acopv_5310 J] (अपीलार्थी/Appellant) V. The Acit, Central Circle-2, Madurai. (प्रत्यर्थी/Respondent) Department By : Shri R Clement Ramesh Kumar, Cit-Dr Assessee By : Shri Y Sridhar, Fca सुनवाईकीतारीख/Date Of Hearing : 12.08.2024 घोषणाकीतारीख /Date Of Pronouncement : 01.10.2024

For Appellant: Shri Y Sridhar, FCAFor Respondent: Shri R Clement Ramesh
Section 132Section 139Section 139(1)Section 153ASection 37Section 65B

आयकर अपीलीय अधिकरण, 'सी' न्यायपीठ, चेन्नई। IN THE INCOME TAX APPELLATE TRIBUNAL 'C' BENCH: CHENNAI श्री एबी टी. वर्की, न्यायिक

Shir. Irulandi Thevar Vetrivel, Madurai vs. ACIT, Central Circle 2, Madurai

In the result, all the appeals of the Revenue are dismissed and the appeals of the assessee are partly allowed

ITA 236/CHNY/2024[2017-18]Status: DisposedITAT Chennai01 Oct 2024AY 2017-18

Bench: Shri Aby T. Varkey & Shri Amitabh Shukla

For Appellant: Shri Y Sridhar, FCAFor Respondent: Shri R Clement Ramesh
Section 132Section 139Section 139(1)Section 153ASection 37Section 65B

exercise of re-casting the P&L A/c for AY 2020-21 itself wherein the assessee had re-drawn the accounts following the percentage completion method. It was brought to our notice that, the above-mentioned provision was originally created by the assessee in relation to the Chettikulam-Natham project ... said year-end provision was however removed, while drawing up the re-casted P&L A/c for AY 2020-21 under the recognized percentage completion method. The Ld. CIT, DR contended that, on one hand, the assessee had removed the year-end provision, but it had also re-stated

Shri. Irulandi Thevar Vetrivel, Madurai vs. ACIT, Central Circle 2, Madurai

In the result, all the appeals of the Revenue are dismissed and the appeals of the assessee are partly allowed

ITA 235/CHNY/2024[2016-17]Status: DisposedITAT Chennai01 Oct 2024AY 2016-17

Bench: Shri Aby T. Varkey & Shri Amitabh Shukla

For Appellant: Shri Y Sridhar, FCAFor Respondent: Shri R Clement Ramesh
Section 132Section 139Section 139(1)Section 153ASection 37Section 65B

exercise of re-casting the P&L A/c for AY 2020-21 itself wherein the assessee had re-drawn the accounts following the percentage completion method. It was brought to our notice that, the above-mentioned provision was originally created by the assessee in relation to the Chettikulam-Natham project ... said year-end provision was however removed, while drawing up the re-casted P&L A/c for AY 2020-21 under the recognized percentage completion method. The Ld. CIT, DR contended that, on one hand, the assessee had removed the year-end provision, but it had also re-stated

A.Govindaraj, Deputy Commissioner of Income Tax, Central Circle-2, Madurai, Central Range vs. Irulandi Thevar Vetrivel, Palamedu Main Road Madurai

ITA 132/CHNY/2024[2017-2018]Status: DisposedITAT Chennai01 Oct 2024AY 2017-2018

Bench: Shri Aby T. Varkey & Shri Amitabh Shuklaआयकर अपील सं./Ita Nos. 131 To 136/Chny/2024 निर्धारण वर्ष/Assessment Years: 2016-17 To 2021-22 The Acit, Central Circle-2, Madurai. (अपीलार्थी/Appellant) V. Shri Irulandi Thevar Vetrivel, No.3/1, Ashok Nagar, 4Th Street, Palamedu Main Road, Madurai - 625 018. [Pan: Acopv 5310 J] (प्रत्यर्थी/Respondent) आयकर अपील सं./Ita Nos. 235 To 240/Chny/2024 निर्धारण वर्ष/Assessment Years: 2016-17 To 2021-22 Shri Irulandi Thevar Vetrivel, No.3/1, Ashok Nagar, 4Th Street, Palamedu Main Road, Madurai - 625 018. [Pan: Acopv 5310 J] (अपीलार्थी/Appellant) V. The Acit, Central Circle-2, Madurai. (प्रत्यर्थी/Respondent) Department By : Shri R Clement Ramesh Kumar, Cit-Dr Assessee By : Shri Y Sridhar, Fca सुनवाईकीतारीख/Date Of Hearing : 12.08.2024 घोषणाकीतारीख /Date Of Pronouncement : 01.10.2024

For Appellant: Shri Y Sridhar, FCAFor Respondent: Shri R Clement Ramesh
Section 132Section 139Section 139(1)Section 153ASection 37Section 65B

आयकर अपीलीय अधिकरण, 'सी' न्यायपीठ, चेन्नई। IN THE INCOME TAX APPELLATE TRIBUNAL 'C' BENCH: CHENNAI श्री एबी टी. वर्की, न्यायिक

Deputy Commissioner of Income Tax, Centralcircle-2, Madurai vs. Irulandi Thevar Vetrivel, Palamedu Main Road, Madurai

ITA 131/CHNY/2024[2016-2017]Status: DisposedITAT Chennai01 Oct 2024AY 2016-2017

Bench: Shri Aby T. Varkey & Shri Amitabh Shuklaआयकर अपील सं./Ita Nos. 131 To 136/Chny/2024 निर्धारण वर्ष/Assessment Years: 2016-17 To 2021-22 The Acit, Central Circle-2, Madurai. V. Shri Irulandi Thevar Vetrivel, No.3/1, Ashok Nagar, 4Th Street, Palamedu Main Road, Madurai - 625 018. (अपीलार्थी/Appellant) [Pan: Acopv 5310 J] (प्रत्यर्थी/Respondent) आयकर अपील सं./Ita Nos. 235 To 240/Chny/2024 निर्धारण वर्ष/Assessment Years: 2016-17 To 2021-22 Shri Irulandi Thevar Vetrivel, No.3/1, Ashok Nagar, 4Th Street, Palamedu Main Road, Madurai - 625 018. V. The Acit, Central Circle-2, Madurai. [Pan: Acopv_5310 J] (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent) Department By Assessee By : Shri R Clement Ramesh Kumar, Cit-Dr : Shri Y Sridhar, Fca सुनवाईकीतारीख/Date Of Hearing : 12.08.2024 घोषणाकीतारीख /Date Of Pronouncement : 01.10.2024

For Appellant: Shri R Clement Ramesh
Section 132Section 139Section 139(1)Section 153ASection 37Section 65B

आयकर अपीलीय अधिकरण, 'सी' न्यायपीठ, चेन्नई। IN THE INCOME TAX APPELLATE TRIBUNAL 'C' BENCH: CHENNAI श्री एबी टी. वर्की, न्यायिक

Dhaval Housing, Mumbai vs. DCIT Circle 23(1), Mumbai

In the result appeal of the assessee is allowed

ITA 453/MUM/2024[2017-2018]Status: DisposedITAT Mumbai27 Sept 2024AY 2017-2018

Bench: Shri Satbeer Singh Godara & Shri Girish Agrawalassessment Year: 2017-18

For Appellant: Shri Satish Mody, AdvocateFor Respondent: Smt. Mahita Nair, Sr. DR
Section 143(3)Section 145

Section 145, as per AS-9, issued by the Institute of Chartered Accountants of India, the revenue is recognised by the assessee on percentage completion method by relating the revenue with work completed and consideration received. 6.1. It is not in dispute that 39% of the work was completed

ACIT 3(3)(1) Mumbai, Aayakar Bhavan vs. Siroya Developers Pvt. Ltd, Mumbai

In the result ground nos

ITA 2961/MUM/2024[2014-15]Status: DisposedITAT Mumbai24 Sept 2024AY 2014-15

Bench: Shri Anikesh Banerjee & Shri Gagan Goyal

For Appellant: Shri Vimal PunmiyaFor Respondent: Shri Vivek Perampurna (CIT-DR)
Section 143(3)Section 250Section 36(1)(iii)

facts and circumstances of the case, the Ld. CIT(A) was justified in deleting the addition made of? 2,95.38,935/-under Percentage completion method without appreciating the fact that the project has been substantially completed and 73% of the total saleable area was sold out." 3 The Appellant craves ... circumstances of the case, the Ld. CIT (A) was justified in deleting the addition made of Rs. 14,94,04,279/-under Percentage completion method without appreciating the fact that the project has been substantially completed and 68% of the total saleable area was sold out." Appellant craves leave

ACIT 3 (3)(1), Mumbai, Aayakar Bhavan vs. Siroya Developers Pvt. Ltd, Mumbai

In the result ground nos

ITA 2960/MUM/2024[2015-16]Status: DisposedITAT Mumbai24 Sept 2024AY 2015-16
Section 143(3)Section 250Section 36(1)(iii)

facts and circumstances of the case, the Ld. CIT(A) was justified in deleting the addition made of? 2,95.38,935/-under Percentage completion method without appreciating the fact that the project has been substantially completed and 73% of the total saleable area was sold out." 3 The Appellant craves ... circumstances of the case, the Ld. CIT (A) was justified in deleting the addition made of Rs. 14,94,04,279/-under Percentage completion method without appreciating the fact that the project has been substantially completed and 68% of the total saleable area was sold out." Appellant craves leave

ACIT, New Delhi vs. Sh Mahagun India Pvt. Ltd., Delhi

ITA 3662/DEL/2012[2006-07]Status: DisposedITAT Delhi10 Sept 2024AY 2006-07

Bench: Shri Vikas Awasthy & Shri Naveen Chandra

For Appellant: Dr. Rakesh Gupta, AdvFor Respondent: Shri Subhra Jyoti Chakraborty, CIT-DR
Section 132Section 133ASection 142Section 153ASection 40

appellant has agreed vide letter dated 27.07.2011 that unaccounted-receipts were required to be spread over the various years on the basis of percentage completion method. I have perused the impugned letter dated 27.07.2011 (PB 240-246) and have noticed that the appellant has never agreed to the alleged unaccounted ... figure calculated by special auditor as "extrapolated sales", in that case such alleged sales should be spread over the relevant years following the percentage completion method and only gross profit out of such alleged sales can be taxed as additional income. Extract of letter dated 27.07.2011 is being reproduced:- (Without

ACIT, New Delhi vs. Sh Mahagun India Pvt. Ltd., Delhi

ITA 3661/DEL/2012[2005-06]Status: DisposedITAT Delhi10 Sept 2024AY 2005-06

Bench: Shri Vikas Awasthy & Shri Naveen Chandra

For Appellant: Dr. Rakesh Gupta, AdvFor Respondent: Shri Subhra Jyoti Chakraborty, CIT-DR
Section 132Section 133ASection 142Section 153ASection 40

appellant has agreed vide letter dated 27.07.2011 that unaccounted-receipts were required to be spread over the various years on the basis of percentage completion method. I have perused the impugned letter dated 27.07.2011 (PB 240-246) and have noticed that the appellant has never agreed to the alleged unaccounted ... figure calculated by special auditor as "extrapolated sales", in that case such alleged sales should be spread over the relevant years following the percentage completion method and only gross profit out of such alleged sales can be taxed as additional income. Extract of letter dated 27.07.2011 is being reproduced:- (Without

Mahagun India Pvt. Ltd., New Delhi vs. ACIT, New Delhi

ITA 2819/DEL/2012[2006-07]Status: DisposedITAT Delhi10 Sept 2024AY 2006-07

Bench: Shri Vikas Awasthy & Shri Naveen Chandra

For Appellant: Dr. Rakesh Gupta, AdvFor Respondent: Shri Subhra Jyoti Chakraborty, CIT-DR
Section 132Section 133ASection 142Section 153ASection 40

appellant has agreed vide letter dated 27.07.2011 that unaccounted-receipts were required to be spread over the various years on the basis of percentage completion method. I have perused the impugned letter dated 27.07.2011 (PB 240-246) and have noticed that the appellant has never agreed to the alleged unaccounted ... figure calculated by special auditor as "extrapolated sales", in that case such alleged sales should be spread over the relevant years following the percentage completion method and only gross profit out of such alleged sales can be taxed as additional income. Extract of letter dated 27.07.2011 is being reproduced:- (Without

Mahugun India Pvt. Ltd., New Delhi vs. ACIT, New Delhi

ITA 2818/DEL/2012[2005-06]Status: DisposedITAT Delhi10 Sept 2024AY 2005-06

Bench: Shri Vikas Awasthy & Shri Naveen Chandra

For Appellant: Dr. Rakesh Gupta, AdvFor Respondent: Shri Subhra Jyoti Chakraborty, CIT-DR
Section 132Section 133ASection 142Section 153ASection 40

appellant has agreed vide letter dated 27.07.2011 that unaccounted-receipts were required to be spread over the various years on the basis of percentage completion method. I have perused the impugned letter dated 27.07.2011 (PB 240-246) and have noticed that the appellant has never agreed to the alleged unaccounted ... figure calculated by special auditor as "extrapolated sales", in that case such alleged sales should be spread over the relevant years following the percentage completion method and only gross profit out of such alleged sales can be taxed as additional income. Extract of letter dated 27.07.2011 is being reproduced:- (Without

Red Hat India Pvt Ltd, Mumbai vs. Dy CIT Circle- 15 (3)(1), Mumbai

ITA 215/MUM/2020[2015-16]Status: DisposedITAT Mumbai09 Sept 2024AY 2015-16

Bench: Shri Gagan Goyal & Shri Raj Kumar Chauhanm/S. Red Hat India Pvt. Ltd., A-201, Supreme Business Park, Supreme City, Hiranandani Gardens, Powai, Mumbai – 400 076, Pan No. : Aabcr7091N. ….. Appellant

For Appellant: Shri Ajit Jain, Ms. Nikhila Bhalla and Archita Bhalla Ld. ARsFor Respondent: Shri Yogesh Kamat Ld. CIT-DR
Section 143(3)Section 144C(10)

observing that till A.Y. 2014-15, the Appellant was following completed service contract method and has changed its revenue recognition policy to percentage completion method for the subject year without taking cognizance of the fact that erstwhile Ld. AO himself, based on the directions ... that the assessee never claimed that it is recognizing revenue from subscription under completed service contract method rather it is following the percentage completion method for recognition of revenue. Assessee has further reiterated that the assessee has been regularly recognizing revenue over a period to which such subscription relates

The ACIT, Circle-1(1)(1), Ahmedabad vs. Sumedha Spacelinks LLP, Ahmedabad

In the result, appeal preferred by the Revenue is dismissed

ITA 438/AHD/2022[2018-19]Status: DisposedITAT Ahmedabad30 Aug 2024AY 2018-19

Bench: Shri T.R. Senthil Kumar & Shri Narendra Prasad Sinhaआयकर अपील सं./I.T.A. No. 438/Ahd/2022 ("नधा"रण वष" / Assessment Years : 2018-19) Acit Sumedha Spacelinks Llp बनाम/ Circle 1(1)(1), Ahmedabad 25, Shukan Mall, 4Th Floor, Vs. Nr. Rajasthan Hospital, Shahibaug, Ahmedabad, Gujarat - 380004 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Acdfs5396Q (Appellant) .. (Respondent) Shri Sudhendu Das, Cit. Dr अपीलाथ" ओर से /Appellant By : ""यथ" क" ओर से/Respondent By : Shri S. N. Soparkar, Sr. Advocate & Shri Parin Shah, Ar Date Of Hearing 27/08/2024 Date Of Pronouncement 30/08/2024 O R D E R Per Shri Narendra Prasad Sinha, Am: This Appeal Is Filed By The Revenue Against The Order Of The National Faceless Appeal Centre (Nfac), Delhi (In Short ‘The Cit(A)’) Dated 30.09.2022 For The Assessment Year 2018-19. 2. The Brief Facts Of The Case Are That The Assessee Is Llp Engaged In The Business Of Real Estate. The Original Return Of Income For A.Y. 2018-19 Was Filed By The Assessee On 23.09.2018

For Respondent: Shri S. N. Soparkar, Sr. Advocate &
Section 143(3)

which was being constructed in two phases. While Phase-1 was 100% complete, Phase-2 was only 22% completed. The assessee was following percentage completion method to recognize its revenue. The assessee had claimed total general expenses of Rs.1,54,94,955/-, the details of which are as under: Description ... realized. The construction cost of these flats was Rs.87,62,99,497/-. According to the AO, since the assessee was following percentage completion method and Phase-1 of project was completed 100%, therefore, the revenue should have been recognized for all these flats. Since, the assessee had not recognized

Sumitra Bhave and Sunil Sukthankar, Pune vs. ITO Ward 6(1), Pune

In the result, the appeal filed by the assessee is allowed

ITA 1383/PUN/2024[2011-12]Status: DisposedITAT Pune28 Aug 2024AY 2011-12

Bench: Shri Inturi Rama Raoआयकर अपील सं. / Ita No.1383/Pun/2024 "नधा"रण वष" / Assessment Year : 2011-12

For Appellant: Shri M.R. BhagwatFor Respondent: Shri Ratnakar Shelake
Section 142(1)Section 144Section 148

other hand, the ld. Sr. DR submits that the appellant should have offered the receipts to tax on percentage completion method and the appellant is not entitled to postpone the liability to tax. 7. I heard the rival submissions and perused the material on record. The solitary issue that arises ... Accounting Standard-9 permits the recognition of revenue in respect of service contracts either on the basis of percentage completion method or completed service contract method. The AO cannot impose upon the appellant a particular method of Accounting. The AO is only empowered to examine whether the appellant had recognised

DCIT-CC-4(2), Mumbai vs. Raheja Universal Private Limited, Mumbai

ITA 4847/MUM/2023[2014-15]Status: DisposedITAT Mumbai26 Aug 2024AY 2014-15

Bench: Shri Narender Kumar Choudhry & Shri Girish Agrawal

For Respondent: Shri Anuj Kisnadwala, CA
Section 115JSection 143(1)Section 143(3)Section 147Section 14ASection 22Section 23(1)(a)Section 250

IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH “D”, MUMBAI BEFORE SHRI NARENDER KUMAR CHOUDHRY, JUDICIAL MEMBER AND SHRI GIRISH

D G Land Developers Private Limited, Mumbai vs. Assistant Commissioner of Income Tax, Central Circle -4(4), Central Range - 4, Mumbai

ITA 411/MUM/2024[2013-14]Status: DisposedITAT Mumbai22 Aug 2024AY 2013-14
Section 132Section 133ASection 143(3)Section 153CSection 234BSection 234CSection 274Section 43C

gross receipts in the year under reference for projects where no sales are booked during the year since no income was accrued following percentage completion method. 5. The Ld. CIT(A) erred in confirming the action of the Ld. AO in making disallowing of Rs.1,08,40,272/- being difference ... gross receipts in the year under reference for projects where no sales are booked during the year since no income was accrued following percentage completion method. 8. The Ld. AO has erred in initiating penalty proceedings u/s 274 r.w.s 271(1)(c) of the Act vide letter dated

D G Land Developers Private Limited, Mumbai vs. Assistant Commissioner of Income Tax, Central Circle -4(4), Mumbai

In the result, both the appeals are allowed for statistical

ITA 408/MUM/2024[2014-15]Status: DisposedITAT Mumbai22 Aug 2024AY 2014-15

Bench: Shri Om Prakash Kant () & Shri Sunil Kumar Singh () Assessment Year: 2014-15 D G Land Developers Pvt. Ltd., Acit, Central Circle-4(4), 104/105 Raghunath Kripa Building, Room No. 1922, 19Th Floor, Aarey Road, Goregaon East, Vs. Air India Building, Mumbai-400063. Nariman Point, Mumbai-400021. Pan No. Aaecd 4091 M Appellant Respondent Assessment Year: 2015-16 D G Land Developers Pvt. Ltd., Dy. Cit-12(2)(1), Now Dy. 104/105 Raghunath Kripa Building, Cit Central Circle-4(4), Aarey Road, Goregaon East, Vs. Room No. 1922, 19Th Floor, Mumbai-400063. Air India Building, Nariman Point, Mumbai-400021. Pan No. Aaecd 4091 M Appellant Respondent

For Appellant: Mr. Sanjeev Mehta a/w SaurabhFor Respondent: 31/07/2024
Section 132Section 133ASection 143(3)Section 153C

year since no income was accrued following percentage year since no income was accrued following percentage year since no income was accrued following percentage completion method. completion method. 8. The Ld. AO has erred in initiating The Ld. AO has erred in initiating penalty proceedings u/s 274 penalty proceedings ... Rs.1,77,79,686/ aggregating to Rs.1,77,79,686/- is concerned, we find that assessee we find that assessee was following percentage completion method of accounting and was following percentage completion method of accounting and was following percentage completion method of accounting and therefore, the assessee di the assessee

D G Land Developers Private Limited, Mumbai vs. Deputy Commissioner of Income Tax Central Circle - 12(2)(1), Mumbai

ITA 407/MUM/2024[2014-15]Status: DisposedITAT Mumbai22 Aug 2024AY 2014-15

Bench: Shri Om Prakash Kant () & Shri Sunil Kumar Singh ()

Section 132Section 133ASection 143(3)Section 153CSection 234BSection 234CSection 274Section 43C

receipts in 4. the year under reference for projects where no sales are booked during the year since no income was accrued following percentage completion method. 5. The Ld. CIT(A) erred in confirming the action of the Ld. AO in making disallowing of Rs.1,08,40,272/- being difference ... gross receipts in the year under reference for projects where no sales are booked during the year since no income was accrued following percentage completion method. 8. The Ld. AO has erred in initiating penalty proceedings u/s 274 r.w.s 271(1)(c) of the Act vide letter dated

D G Land Developers Private Limited, Mumbai vs. Deputy Commissioner of Income Tax - 12(2)(1), Mumbai

In the result, both the appeals are allowed for statistical

ITA 405/MUM/2024[2015-16]Status: DisposedITAT Mumbai22 Aug 2024AY 2015-16

Bench: Shri Om Prakash Kant () & Shri Sunil Kumar Singh ()

For Respondent: Mr. Sanjeev Mehta a/w Saurabh
Section 132Section 133ASection 143(3)Section 153CSection 234BSection 274Section 43C

gross receipts in the year under reference for projects where no sales are booked during the year since no income was accrued following percentage completion method. 8. The Ld. AO has erred in initiating penalty proceedings u/s 274 r.w.s 271(1)(c) of the Act vide letter dated ... relating to disallowance of administrative, interest and depreciation expenses aggregating to Rs.1,77,79,686/- is concerned, we find that assessee was following percentage completion method of accounting and therefore, the assessee did not recognize any profit from the projects namely 'Sheetal Height'; 'Sheetal Jyot'; 'Sheetal Deep'; ‘Sheetal Shakuntala'; ‘Walwalkar