Sunil Kumar Yadav, Judicial Member. - These appeals are directed by the revenue against the respective orders of the CIT(A). Since common issues are involved in these appeals, these were heard together and are being disposed off by the single consolidated order for the sake of convenience.

2. Facts in brief resulting into controversies in all these appeals are that the assessee-company was carrying on business as developers and builders. It acquired plot Nos. 222 and 223 from the Government of Maharastra in the year 1974 to develop and construct Offices and sell the same in ownership basis after reclaiming the land from the sea known as Bankbay Reclamation scheme. The assessee reclaimed the land from the sea and accordingly constructed two buildings under the name and style of Maker Chamber-III and Maker Chamber-IV on these two plots of land. For the purpose of income-tax assessment, it opted to follow project completion method of accounting on the ground that project would take a lot of time for completion and, therefore, it would not be possible to determine the profit on yearly basis. There was no sales in the initial period and the work of reclaim was going on the building