AdvertisementACIT Vs Sylvanus Builders and Developers Limited (ITAT Ahmedabad) Ahmedabad ITAT: AO Cannot Recompute Project Profits Under POCM Without Rejecting Books; Completion Certificate Alone Does Not Mean 100% Project Completion The Ahmedabad ITAT dismissed the Revenue’s appeals and held that the Assessing Officer cannot substitute the assessee’s consistently followed Percentage of Completion Method (POCM) with his own estimated computation of profits without rejecting the books of account under Section 145(3) or establishing suppression of revenue or inflation of expenditure. The Tribunal...