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Work completion method is allowed in income tax dept.?

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Querist : Anonymous

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Querist : Anonymous (Querist)
08 March 2016 One of assessee is a builder and developer in SRA . He is following work completion method. Is it allowed now a days ? or he has to convert to percentage completion method ?
Kindly revert
Please provide any link or some sort of supporting if possible.
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praveen

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praveen (Expert)
08 March 2016 There are number of case laws where project completion method is allowed. But it is always a matter of dispute with the IT authorities. Generally whatever method the assessee is following regularly can be followed. I am sure you can get caselaws in taxman.com but u need a registered license to view it.
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