https://www.taxtmi.com/caselaws?id=121601 Income from sale of completed flats was treated as accruing when possession had been handed over and consideration received, even though the overall project remained unfinished and some ancillary bank or utility obligations were pending. The project completion method did not defer tax on units already completed for sale, but the assessee's business-related bank liability had to be verified and factored into the true profit computation. Alleged unaccounted cash receipts over and above sale consideration were not finally established on the existing record, so the additions required fresh examination of the agreements, special audit material, and supporting evidence after giving the assessee an opportunity of hearing. en-us Fri, 30 Jan 2009 00:00:00 +0530 Tue, 11 Jun 2013 15:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=121601 Income from sale of completed flats was treated as accruing when possession had been handed over and consideration received, even though the overall project remained unfinished and some ancillary bank or utility obligations were pending. The project completion method did not defer tax on units already completed for sale, but the assessee's business-related bank liability had to be verified and factored into the true profit computation. Alleged unaccounted cash receipts over and above sale consideration were not finally established on the existing record, so the additions required fresh examination of the agreements, special audit material, and supporting evidence after giving the assessee an opportunity of hearing. Case-Laws Income Tax Fri, 30 Jan 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=121601