Dismissing the appeal of the revenue the Court held that the  Tribunal was correct and the assessee was entitled to the benefit of proportionate deduction under section 80IB(10) of the Act in respect of flats which conformed to the limits under the relevant provisions of the Act. Court also held that the  the Institute of Chartered Accountants has issued a clarification that revised Accounting Standard 7 is not applicable to the enterprises undertaking construction activities. The assessee was right in following the project completion method of accounting in terms of Accounting Standard 9(AY. 2009-10).