Allowing the appeal of the assessee the Tribunal held that ; project completion method had been consistently followed by assessee land owner and it had been accepted by revenue authorities in case of assessee for previous years. Accordingly the AO was not justified in applying percentage completion method on assessee for one year on selective basis merely, because it had been followed by its developer.(AY.2012-13, 2013-14)
Ashoka Hi-Tech Builders (P.) Ltd. v. DCIT (2018) 172 ITD 231 / 172 DTR 225/ 196 TTJ 196(Indore) (Trib.)
S. 145 : Method of accounting –Project completion method-Land owner-Project completion method consistently followed by the assessee cannot be rejected on the ground that the percentage completion method is followed by its developer . [ AS.7 ]