ACIT v. D. D. Resorts Pvt. Ltd. (2022)95 ITR 1 (SN(Delhi) (Trib)

S. 145 : Method of accounting-Real estate development business–Recognizing income at time of delivery of possession to customer-Applying the percentage method of accounting is not justified.

Dismissing the appeal the Tribunal held  that the assessee had followed a well-recognised method of accounting following a notified accounting standard under section 145 of the Act. Recognizing income at time of  delivery of possession to customer. Applying the percentage method of accounting is not justified. (AY.2011-12)