Held, that the assessee was consistently following the mercantile system of accounting, where receipts in the form of development fees had been recognized on completion of the project. The additions on account of estimation of work-in-progress had been rightly deleted for both years. (AY.2005-06, 2013-14)
Dy. CIT v. Navratna Organizers and Developers P. Ltd. (2022) 93 ITR 14 (SN) (Ahd.)(Trib.)
S. 145 : Method of accounting-Developer-Mercantile system of accounting-Completion project-Deletion of additions on account of estimation of work-in-progress is justified.