https://www.taxtmi.com/caselaws?id=118710 The Tribunal held that a project is deemed completed for tax purposes when 80% of the constructed area is sold and occupied by purchasers. The completion year cannot be extended at the assessee's discretion to avoid tax liabilities. Guidelines were set for projects involving additional Floor Space Index (FSI). The Tribunal directed a fresh examination by the Assessing Officer (AO) regarding project completion and contingent liability for increased lease rent, following outlined principles. The revenue's appeals were allowed for statistical purposes, with the matters remanded to the AO for reconsideration based on the Tribunal's guidelines. en-us Fri, 21 Oct 2005 00:00:00 +0530 Thu, 05 Jul 2012 12:03:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=118710 The Tribunal held that a project is deemed completed for tax purposes when 80% of the constructed area is sold and occupied by purchasers. The completion year cannot be extended at the assessee's discretion to avoid tax liabilities. Guidelines were set for projects involving additional Floor Space Index (FSI). The Tribunal directed a fresh examination by the Assessing Officer (AO) regarding project completion and contingent liability for increased lease rent, following outlined principles. The revenue's appeals were allowed for statistical purposes, with the matters remanded to the AO for reconsideration based on the Tribunal's guidelines. Case-Laws Income Tax Fri, 21 Oct 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=118710