Assessee is AOP engaged in the business of construction and developing of housing project . Assessee is consistently following project completion method for recognizing revenue . In this method , the assessee is offering the Revenue when the possession  of the unit is givne to buyer after obtaining completion certificate. During the course of search action nothing incriminating documents have been found . The Assessing Officer during the course of search recorded the statement of member of AOp and asked details of the project and about advances received from unit purchasers. On the basis of the details question was asked as to why assesseee is not recognized the Revenueon percentage completion method  when substantial amounts have been received and project also substantially.  completed . The reply was given that assessee followed project completion method as given above , however AO has not appreciated the submissions of the assessee and computed the income on the basis of percentage completion method as per guidance note of ICAI. AO has also not appreciated the contention of assesee that it had offered the income in next financial year as per the method of accounting of project completion method as it amounts to double taxation . Whether the Action of the AO is justified in law , when no incriminating material is found during the search. Whether the AO can disregard Project completion method followed by assesee consistently with out pointing any defects in the same . Pl guide .