The Commissioner Of Income Tax 18 v. M/S.shree Chamunda Construction

ttm IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.6052 OF 2010 The Commissioner of Income Tax 18 .. Appellant Vs.M/s.Shree Chamunda Construction .. Respondent. Mr.Suresh Kumar for the appellant CORAM: J.P. DEVADHAR & K.K. TATED, JJ.DATE: 12TH OCTOBER, 2011.DATE: 12TH OCTOBER, 2011. P.C. 1. Whether the ITAT was justified in deleting the addition of Rs.65,09,700/- made by the Assessing Officer by rejecting the project completion method and computing the income by following the percentage project completion method is the question raised in this appeal.65,09,700/- made by the Assessing Officer by rejecting the project completion method and computing the income by following the percentage project completion method is the question raised in this appeal. 2. Admittedly, the Assessee has been consistently following the project completion method and the same has been accepted in the earlier years. Moreover, on completion of the project, the assessee has offered the entire income in the subsequent Assessment Year 2004-2005 which has been accepted by the respondent. In these circumstances, deletion of the addition made by the Assessing Officer in the Assessment Year 2003-2004 by the ITAT cannot be faulted. Accordingly, the appeal is dismissed.completion method and the same has been accepted in the earlier years. Moreover, on completion of the project, the assessee has offered the entire income in the subsequent Assessment Year 2004-2005 which has been accepted by the respondent. In these circumstances, deletion of the addition made by the Assessing Officer in the Assessment Year 2003-2004 by the ITAT cannot be faulted. Accordingly, the appeal is dismissed. (K.K. TATED, J.) (J.P. DEVADHAR, J.)