https://www.taxtmi.com/caselaws?id=77718 The case involved determining whether the annual value of a property could be assessed in the hands of the assessee under section 22 of the Income-tax Act. The firm, engaged in real estate business, completed a construction project and claimed income recognition based on completion status. Despite objections, the method of computation was upheld, emphasizing total sale consideration minus construction costs. The Supreme Court precedent clarified ownership for tax purposes, ruling in favor of the assessee. Consequently, the Income-tax Appellate Tribunal's decision to not assess the property's annual value in the assessee's hands under section 22 was affirmed. en-us Mon, 31 May 2010 00:00:00 +0530 Wed, 06 Oct 2010 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=77718 The case involved determining whether the annual value of a property could be assessed in the hands of the assessee under section 22 of the Income-tax Act. The firm, engaged in real estate business, completed a construction project and claimed income recognition based on completion status. Despite objections, the method of computation was upheld, emphasizing total sale consideration minus construction costs. The Supreme Court precedent clarified ownership for tax purposes, ruling in favor of the assessee. Consequently, the Income-tax Appellate Tribunal's decision to not assess the property's annual value in the assessee's hands under section 22 was affirmed. Case-Laws Income Tax Mon, 31 May 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=77718