https://www.taxtmi.com/caselaws?id=117676 A real estate development venture governed by statutory exemption conditions and a sanctioned layout was treated as a single, indivisible project, so profits were linked to completion rather than isolated sales. The assessee's revised profit recognition method, based on estimating profits at 7.5% of project receipts, was held to remain within the mercantile system; receipts from assignment of development rights and contribution of rights to a partnership firm were not fully accrued on execution alone because further approvals and instalment events were required. The disallowance under section 40A(3) was deleted for compensation paid to remove occupants, and the revenue's appeal failed. en-us Fri, 28 Jan 2005 00:00:00 +0530 Mon, 25 Jun 2012 17:46:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=117676 A real estate development venture governed by statutory exemption conditions and a sanctioned layout was treated as a single, indivisible project, so profits were linked to completion rather than isolated sales. The assessee's revised profit recognition method, based on estimating profits at 7.5% of project receipts, was held to remain within the mercantile system; receipts from assignment of development rights and contribution of rights to a partnership firm were not fully accrued on execution alone because further approvals and instalment events were required. The disallowance under section 40A(3) was deleted for compensation paid to remove occupants, and the revenue's appeal failed. Case-Laws Income Tax Fri, 28 Jan 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=117676