Tribunal held that under section 43CB of the Income-tax Act, 1961 the profits and gains of a construction company arising from a construction contract or a contract for providing services shall be determined on the basis of the percentage completion method and the method was mandatory for revenue recognition with effect from April 1, 2017, i. e., assessment year 2017-18 but it was not mandatory and compulsory to be followed for the assessment year 2013-14. Therefore, the Principal Commissioner could not revise or revisit the assessment order under the provisions of section 43CB. The findings arrived at by him without any deliberation of explanation of the assessee explaining the method of accounting of revenue on account of sales and regarding non-applicability of Accounting Standard 7 were not sustainable without any further examination and exercise. The Principal Commissioner could not direct the Assessing Officer to make assessment de novo without assigning any defects or deficiencies in the method of accounting of revenue recognition on account of sale of flats and residential units and land and regarding non-applicability of Accounting Standard 7 as contended by the assessee during the proceedings under section 263. Thus, the revision order passed by the Principal Commissioner was without jurisdiction and all proceedings and orders, if any, in pursuant thereto had to be quashed on the legal issue as well as on the merits. (AY.2013-14)