Held that when the assessee is following the project-completion method, the action of the Assessing Officer in applying the percentage-completion method on the basis of the Income Computation and Disclosure Standards III by part-reading it and totally ignoring the transitional provisions therein, is not justified. Accordingly the addition is deleted.(AY. 2018-19)
Mayfair Properties v. Dy. CIT (2024)115 ITR 619/ 167 taxmann.com 397 (Kol)(Trib)
S. 145 : Method of accounting-Construction business-Project-completion method of accounting-Addition of income on pending projects applying the percentage competition method is not justified.