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.

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)

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