Haware Constructions Pvt. Ltd., Navi ... vs Assessee on 7 June, 2011
13.2 We find the Bangalore Bench of the Tribunal in the case of PRESTIGE
ESTATE PROJECTS (P) LTD. vs. DCIT reported in 129 TTJ (Bang) 680 and
relying on the decision of the Hon. Supreme Court in the case of CIT v.
BILAHARI INVESTMENT (P) LTD. reported in 299 ITR 1 (SC) and the
decision of the Tribunal in the case of H. M. CONSTRUCTIONS v. CIT
reported in 90 TTJ (Bang) 510 has held that the assessee developer having
regularly employed project completion method, which is an accepted method
of accounting and the Central Government having not notified AS-7
u/s.145(2), the AO could not reject the accounts u/s.145(3) on the ground
14
ITA No.5601/M/2009, 6861/M/2010 & 1547/M/2011
M/s. Haware Constructions Pvt. Ltd.