ASSESSMENT U/SEC. 153A when no incriminating material found

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…

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