Dismissing the appeal of the revenue the Court held that the assessee has changed the method of accounting from project completion method to percentage completion method. The case was revenue neutral. Relied CIT v. Bilahari Investment Pvt Ltd (2008) 299 ITR 1(SC) (AY. 2005-06)
CIT v. Prestige Estate Projects Pvt Ltd (2022) 440 ITR 343 (Karn.) (HC)
S. 145 : Method of accounting-Construction business-Change of method from project completion method to percentage completion method-Revenue neutral-Revised Accounting Standard 7-Held to be valid.