An assessee has filed a declaration u\/s 4 of the scheme to settle the dispute that was being contested in an appeal before the Tribunal for A.Y. 2017-18 in respect of the addition made to the total income on the ground that the assessee was required to recognise the profit of the project in progress by following the percentage completion method prescribed by the ICDS 3 & 4 . The declaration has been accepted by the authorities and the appeal stands withdrawn as per s. 4(2)(3)(5) and s.7. The assessee has now sought relief for the adjustment in the year of completion of project A.Y. 2020-21 on account of the prior recognition of the profit .<\/p>\n","protected":false},"excerpt":{"rendered":"
An assessee has filed a declaration u\/s 4 of the scheme to settle the dispute that was being contested in an appeal before the Tribunal for A.Y. 2017-18 in respect of the addition made to the total income on the ground that the assessee was required to recognise the profit of the project in progress by following the percentage completion method prescribed by the ICDS 3 & 4 . The declaration has been accepted by the authorities and the appeal stands withdrawn as per s. 4(2)(3)(5) and s.7. The assessee has now sought relief for the adjustment in the year of completion of project A.Y. 2020-21 on account of the prior recognition of the profit .<\/p>\n