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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

ITO, New Delhi vs. M/S. Rajesh Buildcon & Infrastructure Pvt. Ltd., New Delhi

In the result, the appeal of the Revenue is dismissed

ITA 3220/DEL/2017[2010-11]Status: DisposedITAT Delhi18 Aug 2023AY 2010-11

Bench: Shri Kul Bharat & Dr.B.R.R.Kumar[Assessment Year : 2010-11] Ito, Vs M/S. Rajesh Buildcon & Ward-15(2), Infrastructure Pvt.Ltd., New Delhi. Lodhi Road, New Delhi-.110003. Pan-Aaefp8228P Appellant Respondent Appellant By Shri Vivek Vardhan, Sr.Dr Respondent By None Date Of Hearing 02.08.2023 Date Of Pronouncement 18.08.2023

Section 143(2)Section 143(3)

deleting the addition of Rs. 1,72,05,979/- by considering that the assessee does not satisfy the condition required for applying the percentage completion method, whereas the same was applicable. 2. The Ld.CIT(A)erred in law and on facts in deleting the addition of Rs.25,82,816/- made ... Haridwar and another at Jaipur. The AO was of the view that the assessee ought to have declared profit on the basis of Percentage Completion Method (“PCM”) and accordingly, offered profit for taxation in respect of Haridwar Project. Thereafter, the Assessing Officer framing the assessment vide assessment order dated

The Dy. Commissioner of Income Tax-15(3)(1), Mumbai vs. M/S Red Hat India Pvt Ltd, Mumbai

In the result, appeal of the revenue is dismissed

ITA 351/MUM/2023[2011-12]Status: DisposedITAT Mumbai14 Aug 2023AY 2011-12

Bench: Shri Amit Shukla & Shri Gagan Goyaldcit – 15(3) (1), R. No. 460, 4Th Floor, Aayakar Bhavan, M. K. Road Mumbai-400 020 ...... Appellant Vs. M/S Red Hat India Pvt. Ltd,. A-201, 2Nd Floor, Supreme Business Park, Supreme City, Hiranandani Gardens Powai, Mumbai-400 076 Pan – Aaecm1763H ..... Respondent

For Appellant: Smt. Riddhi Mishra, CIT-DRFor Respondent: None
Section 250

mentioned that “Appellant has never claimed Completed Service Contract Method” as appropriate method to recognize revenue from subscription services. Rather, it is the Percentage Completion Method for recognition of revenue, which is applicable to the facts of the appellant.” It was further stated in assessment order vide para ... over a period to which such subscription relates. It has been claimed that the said practice of recognizing revenue is in accordance with percentage complete method of AS-9. The assessee has further placed reliance upon the Income Computation and Disclosure Standard (ICDS) issued by the CBDT pursuant to section

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)

assessee is a JV (Joint Venture) carrying out the business of Construction and Development of Commercial and Residential Projects and is following the percentage completion method of accounting to recognize the income and expenditure. The assessee has claimed interest expenditure of Rs.7,55,87,117/- in its P & L Account ... action taken by the AO was that he has capitalized the same and added in WIP. However, since the assessee is following the percentage completion method of Accounting Standard- 16, the borrowing cost which are incurred directly in relation to the project should only be capitalized

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)

assessee is a JV (Joint Venture) carrying out the business of Construction and Development of Commercial and Residential Projects and is following the percentage completion method of accounting to recognize the income and expenditure. The assessee has claimed interest expenditure of Rs.7,55,87,117/- in its P & L Account ... action taken by the AO was that he has capitalized the same and added in WIP. However, since the assessee is following the percentage completion method of Accounting Standard- 16, the borrowing cost which are incurred directly in relation to the project should only be capitalized

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)

assessee is a JV (Joint Venture) carrying out the business of Construction and Development of Commercial and Residential Projects and is following the percentage completion method of accounting to recognize the income and expenditure. The assessee has claimed interest expenditure of Rs.7,55,87,117/- in its P & L Account ... action taken by the AO was that he has capitalized the same and added in WIP. However, since the assessee is following the percentage completion method of Accounting Standard- 16, the borrowing cost which are incurred directly in relation to the project should only be capitalized

Simplex Realty Ltd, Mumbai vs. DCIT (OSD)-1) Cir 7, Mumbai

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

ITA 2554/MUM/2014[2010-11]Status: DisposedITAT Mumbai28 Jul 2023AY 2010-11

Bench: Shri Pavan Kumar Gadale () & Ms. Padmavathy S. ()

project at an agreed percentage. The project comprised of 5 towers having approximately saleable are of 6,50,000 sq.ft. The assessee followed percentage completion method in which the income was offered based on the flats sold during the year and the cost of acquisition against the same was based ... taken as the basis since GPL itself has been issuing letters quoting higher cost of construction. The ld AR further submitted that under percentage completion method, which the assessee is following the figures of cost of the project would change from year to year as compared to the original estimates

DCIT (OSD-I) Cen RG 7, Mumbai vs. Simplex Realty Ltd, Mumbai

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

ITA 2311/MUM/2014[2010-11]Status: DisposedITAT Mumbai28 Jul 2023AY 2010-11

Bench: Shri Pavan Kumar Gadale () & Ms. Padmavathy S. ()

project at an agreed percentage. The project comprised of 5 towers having approximately saleable are of 6,50,000 sq.ft. The assessee followed percentage completion method in which the income was offered based on the flats sold during the year and the cost of acquisition against the same was based ... taken as the basis since GPL itself has been issuing letters quoting higher cost of construction. The ld AR further submitted that under percentage completion method, which the assessee is following the figures of cost of the project would change from year to year as compared to the original estimates

Assistant Commissioner of Income Tax, Circle-1, Bharuch vs. Al-Foulek Residency Pvt. Ltd., Bharuch

Appeal is allowed

ITA 441/SRT/2018[2014-15]Status: DisposedITAT Surat27 Jul 2023AY 2014-15

Bench: Shri Pawan Singh, Jm & Dr. A.L. Saini, Am आयकर अपील सं./Ita Nos.437 & 441/Srt/2018 (िनधा"रणवष" / Assessment Year: (2014-15) (Virtual Court Hearing) Al Foulek Residency P Ltd. Asstt. Commissioner Of Shop No.7, Chandni Complex, Mouje Income-Tax, Circle-1, Hari Kunj, 1St Floor, Income Tax Dungri, Bharuch-392001 Office, Station Road, Vs. Bharuch-392001 Asstt. Commissioner Of Income- Al Foulek Residency P Ltd. Tax, Circle-1, Hari Kunj, 1St Floor, Shop No.7, Chandni Complex, Income Tax Office, Station Road, Mouje Dungri, Bharuch-392001 Bharuch-392001 "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aakca 1031 G (अपीलाथ" /Appellant) (""थ" /Respondent)

For Appellant: NoneFor Respondent: Shri Ashok B.Koli– CIT.DR
Section 143(3)

case and in law, the Ld. CIT(Appeals) erred in deleting addition of Rs.10,80,10,333/- made on account of application of percentage completion method to the fact of the case. 5. The appellant craves to add to, amend or alter the above ground as may be deemed necessary ... Revenue argued that Ld. CIT(A) erred in deleting addition of Rs.10,80,10,333/- made on account of application of percentage completion method. The Ld. CIT-DR for the Revenue relied on the order of Assessing Officer and filed written submission, which is reproduced below: “Ground No.4: ITA Nos.437

Al-Foulek Residency Pvt. Ltd., Bharuch vs. Assistant Commissioner of Income Tax, Circle-1, Bharuch

Appeal is allowed

ITA 437/SRT/2018[2014-15]Status: DisposedITAT Surat27 Jul 2023AY 2014-15

Bench: Shri Pawan Singh, Jm & Dr. A.L. Saini, Am आयकर अपील सं./Ita Nos.437 & 441/Srt/2018 (िनधा"रणवष" / Assessment Year: (2014-15) (Virtual Court Hearing) Al Foulek Residency P Ltd. Asstt. Commissioner Of Shop No.7, Chandni Complex, Mouje Income-Tax, Circle-1, Hari Kunj, 1St Floor, Income Tax Dungri, Bharuch-392001 Office, Station Road, Vs. Bharuch-392001 Asstt. Commissioner Of Income- Al Foulek Residency P Ltd. Tax, Circle-1, Hari Kunj, 1St Floor, Shop No.7, Chandni Complex, Income Tax Office, Station Road, Mouje Dungri, Bharuch-392001 Bharuch-392001 "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aakca 1031 G (अपीलाथ" /Appellant) (""थ" /Respondent)

For Appellant: NoneFor Respondent: Shri Ashok B.Koli– CIT.DR
Section 143(3)

case and in law, the Ld. CIT(Appeals) erred in deleting addition of Rs.10,80,10,333/- made on account of application of percentage completion method to the fact of the case. 5. The appellant craves to add to, amend or alter the above ground as may be deemed necessary ... Revenue argued that Ld. CIT(A) erred in deleting addition of Rs.10,80,10,333/- made on account of application of percentage completion method. The Ld. CIT-DR for the Revenue relied on the order of Assessing Officer and filed written submission, which is reproduced below: “Ground No.4: ITA Nos.437

DCIT- Central Circle 5(1), Mumbai vs. M/S. Itd Cementation India Limited, Mumbai

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

ITA 642/MUM/2023[2016-17]Status: DisposedITAT Mumbai26 Jul 2023AY 2016-17

Bench: Shri Om Prakash Kant () & Shri Narender Kumar Choudhry () Assessment Year: 2016-17 The Dcit, Central Circle- M/S Itd Cementation India 5(1), Ltd., Vs. Room No. 1928, 19Th Floor, National Plastic Building, A- Air India Building, Nariman Subhash Road, Paranjape B Point, Scheme, Vile Parle (E), Mumbai-400021. Mumbai-400057. Pan No. Aaact 1426 A Appellant Respondent

For Appellant: Mr. Vijay MehtaFor Respondent: Mr. Ram Prakash Rastogi
Section 115JSection 14ASection 37

that the assessee was following Further it was submitted that the assessee was following Further it was submitted that the assessee was following percentage completion method year after percentage completion method year after year and there was no year and there was no change in the method of the accounting ... estimated loss from the contract. Then, by applying the percentage completion contract. Then, by applying the percentage completion contract. Then, by applying the percentage completion method (percentage of cost incurred so far vis method (percentage of cost incurred so far vis method (percentage of cost incurred

M/S. Mauli Sai Developers Pvt Ltd., Mumbai vs. Income Tax Department, NFAC, Delhi

In the result, appeal of the assessee is allowed for statistical purposes

ITA 318/MUM/2023[2012-13]Status: DisposedITAT Mumbai19 Jul 2023AY 2012-13
Section 143(3)Section 68

Charges collected in respect of Mauli Bharat Udyonagar. 2. Addition of Rs. 1,49,67,065 as profits from three projects by following Percentage Completion Method for recognition of revenue instead of Project Completion Method followed by the Appellant. 3. Addition of Rs. 15,00,000 in respect of receipt

M/S Vikram Developers Private Limited, Mumbai vs. Principle Commissioner of Income Tax-8, Mumbai

Appeal is allowed

ITA 1357/MUM/2023[2018-2019]Status: DisposedITAT Mumbai19 Jul 2023AY 2018-2019
For Appellant: Shri Navin B GandhiFor Respondent: Shri Ankush Kapoor
Section 142(1)Section 143(1)(a)Section 143(2)Section 143(3)Section 263Section 43C

relevant previous year. Therefore, for the relevant previous year the Appellant booked gross construction profits of INR 9,55,688/- by following percentage completion method of accounting in relation to construction activity undertaken by the Appellant and offered to tax income of INR 1,16,980/- in the return ... record. The findings returned by the PCIT in Paragraph 5.3 of the order impugned that the Appellant has not shown income as per percentage completion method is also factually incorrect. The PCIT had failed to appreciate that the summary of construction account filed by the Appellant vide reply letter, dated

Total Integrated Design (India) Pvt. Ltd., New Delhi vs. ITO, Ward-25(3), New Delhi

In the result, the appeal of the assessee is partly allowed for statistical purposes

ITA 8298/DEL/2019[2011-12]Status: DisposedITAT Delhi19 Jul 2023AY 2011-12

Bench: Shri Kul Bharat & Shri M.Balaganesh[Assessment Year : 2011-12] Total Integrated Design (India) Vs Ito, Pvt.Ltd., D-105, Gf, Defence Ward-25(3), Colony, New Delhi-110019. New Delhi. Pan-Aaact3502B Appellant Respondent Appellant By Ms. Gunjan Jain, Ca Respondent By Shri Gurpreet Shah Singh, Sr.Dr Date Of Hearing 08.06.2023 Date Of Pronouncement .07.2023

Section 143(3)Section 250(6)Section 69C

Income in the case of professional is generally on cash basis whereas in the case of contractors is in accordance with the percentage completion method as prescribed by AS-9 of the Accounting Standards issued by ICAI. The assessee in this particular case is a contractor and recognizing Income ... Income in the case of professional is generally on cash basis whereas in the case of contractors is in accordance with the percentage completion method as prescribed by AS-9 of the Accounting Standards issued by ICAI. The assessee in this particular case is a contractor and recognizing Income

DCIT, New Delhi vs. M/S. Et Infra Developers Pvt. Ltd., New Delhi

In the result, both the appeals by the revenue are dismissed

ITA 3306/DEL/2017[2013-14]Status: DisposedITAT Delhi14 Jul 2023AY 2013-14

Bench: Sh. N. K. Billaiya & Sh. Anubhav Sharma

counsel for the assessee that as per the guidance note issued by the ICAI in AS-9, income has to be shown on percentage completion method if the assessee company has sold at least 25% of the total salable area or had received 10% of the total realisable value

DCIT, Circle- 11(1), New Delhi vs. Hcl Comnet Systems & Services Ltd., Gautam Budh Nagar

In the result, Appeal filed by the Assess in ITA No

ITA 6360/DEL/2019[2016-17]Status: DisposedITAT Delhi30 Jun 2023AY 2016-17

Bench: Shri Pradip Kumar Kedia & Shri Yogesh Kumar U.S.

For Appellant: Sh. Aditya Vohra, Adv & ShFor Respondent: Sh. Sanjay Kumar, Sr. Ld. DR
Section 115J

being TDS credit claimed on current year's deferred revenue. 9. The assessee submitted that, the company, is recognizing revenue on percentage completion method. It was submitted that the assessee company has also adopted the said method in case of all of AMC contracts, the assessee company has equally recognized

Hcl Comnet Ltd., New Delhi vs. DCIT Circle-11(1), New Delhi

In the result, Appeal filed by the Assess in ITA No

ITA 5968/DEL/2019[2016-17]Status: DisposedITAT Delhi30 Jun 2023AY 2016-17

Bench: Shri Pradip Kumar Kedia & Shri Yogesh Kumar U.S.

For Appellant: Sh. Aditya Vohra, Adv & ShFor Respondent: Sh. Sanjay Kumar, Sr. Ld. DR
Section 115J

being TDS credit claimed on current year's deferred revenue. 9. The assessee submitted that, the company, is recognizing revenue on percentage completion method. It was submitted that the assessee company has also adopted the said method in case of all of AMC contracts, the assessee company has equally recognized

Hcl Comnet Systems & Services Ltd., New Delhi vs. DCIT, Circle- 11(1), New Delhi

In the result, Appeal filed by the Assess in ITA No

ITA 5967/DEL/2019[2016-17]Status: DisposedITAT Delhi30 Jun 2023AY 2016-17

Bench: Shri Pradip Kumar Kedia & Shri Yogesh Kumar U.S.

For Appellant: Sh. Aditya Vohra, Adv & ShFor Respondent: Sh. Sanjay Kumar, Sr. Ld. DR
Section 115J

being TDS credit claimed on current year's deferred revenue. 9. The assessee submitted that, the company, is recognizing revenue on percentage completion method. It was submitted that the assessee company has also adopted the said method in case of all of AMC contracts, the assessee company has equally recognized

M/S. Ashirvad Infrastructure, Bhubaneswar vs. ITO, Ward-2(2), Bhubaneswar

In the result, appeal of the assessee stands allowed

ITA 119/CTK/2023[2017-18]Status: HeardITAT Cuttack13 Jun 2023AY 2017-18

Bench: Before Shri George Mathan, Judicialassessment Year : 2017-18 M/S. M/S. Ashirvad Ashirvad Vs. Ito, Ito, Ward Ward -2(2), Infrastructure, Infrastructure, Flat Flat No.1, No.1, Bhubaneswar Bhubaneswar Plot No.26, Budha Nagar, Plot No.26, Budha Nagar, Laxmisagar, Bhubaneswar. Laxmisagar, Bhubaneswar. Pan/Gir No. Pan/Gir No.Aatfa 5443 Q (Appellant (Appellant) .. ( Respondent Respondent) Assessee By : Shri Brajabandhu Bihari Brajabandhu Bihari, Ar Revenue By : Shri S.C.Mohanty S.C.Mohanty, Sr Dr Date Of Hearing : 13/06 6/2023 Date Of Pronouncement : 13/0 /06/2023 O R D E R

For Appellant: Shri Brajabandhu BihariFor Respondent: Shri S.C.Mohanty

held that the assessee was following completed contract method and this being a consistent method followed by the assessee, the percentage completion method adopted for calculating the profit of the assessee for the assessment year was not permissible. It was the submission that for the assessment year under appeal also ... Assessing Officer and ld CIT(A) has applied the percentage completion method on the same project, which was continuing from the assessment year 2015-16. It was the submission that in view of the order of the P a g e 2 | 4 Assessment Year : 2017-18 Hon’ble Jurisdictional

Deputy Commissioner of Income Tax - Central Circle 2(4), Mumbai vs. Keystone Realtors Private Limited, Mumbai

In the result, appeal of the Revenue in ITA No

ITA 1808/MUM/2022[2017-18]Status: DisposedITAT Mumbai31 May 2023AY 2017-18

Bench: Shri Vikas Awasthy & Shri Gagan Goyalआअसं.1807/मुं/ 2022 एवं 1808/मुं/ 2022 ("न.व.2016-17 एवं 2017-18)

For Appellant: Smt. Madhumalti Ghosh, CIT DRFor Respondent: Shri Naresh Kumar
Section 23Section 36(1)(iii)

ground No.1 of (A.Y. 2016-17 & 2017-18) appeal, the ld. Authorized Representative for the assessee submitted that assessee has been following percentage completion method. The assessee is giving consistently same treatment to interest on borrowed funds right from the beginning. In Assessment Year 2013-14 the Assessing Officer

Dy CIT CC 2(4), Mumbai vs. Keystone Realtors Pvt Ltd., Mumbai

In the result, appeal of the Revenue in ITA No

ITA 1807/MUM/2022[2016-17]Status: DisposedITAT Mumbai31 May 2023AY 2016-17

Bench: Shri Vikas Awasthy & Shri Gagan Goyalआअसं.1807/मुं/ 2022 एवं 1808/मुं/ 2022 ("न.व.2016-17 एवं 2017-18)

For Appellant: Smt. Madhumalti Ghosh, CIT DRFor Respondent: Shri Naresh Kumar
Section 23Section 36(1)(iii)

ground No.1 of (A.Y. 2016-17 & 2017-18) appeal, the ld. Authorized Representative for the assessee submitted that assessee has been following percentage completion method. The assessee is giving consistently same treatment to interest on borrowed funds right from the beginning. In Assessment Year 2013-14 the Assessing Officer