AO can’t take diff. view if Set Com estimated 12% net profit on receipt of on-money for group concerns of assessee: ITAT

INCOME TAX : Where assessee-builder was following project completion method for accounting, income quantified on amount of on-money received by assessee on sale of flats ought to be taxed only in year in which project had completed construction in accordance to conditions prescribed as per Revised Guidance Note of 2012 issued by ICAI and thus, income estimated @ 25 per cent of on-money and taxed in year of receipt was unjustified and liable to be deleted

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