Commissioner Of Income Tax-22,Mumbai v. M/S. Vinayak Sai Developers

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.243 OF 2011 Commissioner of Income Tax-22,Mumbai. Vs. M/s. Vinayak Sai Developers. ..Appellant. ..Respondent. .... Mr. Suresh Kumar, for the Appellant. .... P.C. CORAM : J. P. DEVADHAR & A.R. JOSHI, JJ. th JANUARY, 2012. DATED : 06 1.Whether the ITAT was justified in upholding the project completion method adopted by the assessee in determining the income from the project in the Assessment Year 2006-07, is the question raised in this Appeal. 2.The Tribunal has recorded a finding of fact that on completion of the project in A.Y. 2007-08, the assessee computed the taxable income on the basis of the project completion method and the same has been accepted by the Revenue. 3.In these circumstances, the decision of the ITAT in holding that in the assessment year in question the assessee was justified in computing the total income from the project by following the project completion method, cannot be faulted. The appeal is accordingly dismissed. (A. R. JOSHI, J.) (J. P. DEVADHAR,J.)