MANJUSHA ESTATES PVT. LTD. Vs. INCOME TAX OFFICER

JUDGEMENT

(1.) By way of this appeal, the assessee has challenged the order dated 12/01/2007 passed by the tribunal in ITA No.3520/Ahd/2003 for the assessment year 2001-02 whereby the appeal of the assessee came to be dismissed confirming the order passed by the CIT (Appeals).

(2.) While admitting this appeal following question of law was arisen for consideration:

(3.) Learned Counsel for the appellant has contended that the Tribunal has erred in rejecting the Project Completion Method which has been consistently followed by the assessee and instead taxing the net profit as 8% on the further construction done during the year.